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LCR & The EB-5 Investment Visa | The Most Desired Investment Program in the World
1. THE EB-5 INVESTMENT VISA
THE MOST DESIRED
INVESTMENT IMMIGRATION
PROGRAM IN THE WORLD
W E S T P O R T M I A M I S Ã O P A U L O M U M B A I S H A N G H A I
2. U.S. Residency Through Investment
The EB-5 Investor Visa Program provides U.S. green cards and permanent residency to international investors
and their immediate families (children up to age of 21) through a one-time minimum investment of $500,000
USD into a new U.S. business that creates 10 or more American jobs.
EB-5 Program Overview ....................................................................................................................................4
Regional Center Overview | LCR Capital Partners LLC ...................................................................................16
Brand Overview | Dunkin’ Donuts ...................................................................................................................22
Project Overview | American Opportunity Franchise Fund IV, L.P. ................................................................28
3
3. THE WORLD’S BEST INVESTMENT
IMMIGRATION PROGRAM
Country Program Name Minimum Investment
Cyprus Citizenship By Investment $5,500,000
Australia Business Innovation and Investment Visa $4,072,000
United Kingdom Tier 1 Investor Visa $2,500,000
Singapore Global Investor Programme (GIP) $2,000,000
Malta Individual Investment Programme $1,350,000
New Zealand Entrepreneur Work Visa $1,160,000
Portugal Golden Residence Program $589,000
United States EB-5 Immigrant Investor Visa $500,000
St. Kitts & Nevis SIDF $430,000
INCREASINGCOST
“#1 Best Way For Investors To Immigrate To The U.S.”
– Forbes (July 2014)
The minimum EB-5 investment amount $500,000 has not changed since 1990 and will likely increase to at least $800,000 by
September 30th, 2016.
EB-5ProgramOverview
Thefastest,simplestandmostreliable
way to achieve permanent residency
in the United States
Administered by the United States Citizenship and Immigration Services
(USCIS), the EB-5 program approves and designates Regional Centers,
such as the LCR Overseas Regional Center, to attract foreign investment
into the U.S.
The EB-5 program has experienced explosive growth starting from a
base of $300 million of EB-5 capital in 2009 to over $6.5 billion in 2015,
primarily due to the program’s rapid adjudication times and high individual
approval rates.
Since the program’s inception in 1990, thousands of immigrants have
received permanent U.S. residency, creating hundreds of thousands of
American jobs, at no cost to the U.S. taxpayer.
5
4. EB-5 PROCESS & TIMELINE
1
By signing Application Letter, LCR will hold one of the remaining slots in our AOFF funds for a specific amount of time [no longer than 3 months].
KEY EB-5 REQUIREMENTS
There are 5 key requirements for immigrant investors to successfully participate in the EB-5 program:
Application
Process
Receive Conditional
Green Card
Receive Permanent
Green Card
1. Sign LCR Application Letter to
begin mutual evaluation process
as well as reserve a remaining
slot in one of our EB-5 projects1
2. Complete Investor Questionnaire
3. Review Confidential Offering
Materials
4. Hire U.S. immigration/tax
planning specialist
5. Wire EB-5 Investment and
Admin Fee into U.S. Escrow
Account
6. Complete I-526 Petition,
including Source of Funds
Analysis
7. Submit I-526 petition to USCIS
8. USCIS review of I-526 petition
Criteria Include:
ŸŸ Does business plan
demonstrate likelihood of
creating 10+ jobs?
ŸŸ Was required amount
invested in new project?
ŸŸ Were investment funds
lawfully sourced?
9. Approval of Conditional
Green Card for investor and
immediate family
10. U.S. Consulate interview or
Adjustment of Status
11. Visit the United States within
180 days of approval
ŸŸ Green card holder must visit the
U.S. no less than once per year
12. USCIS review of I-829 petition
13. Submit proof that 10+ jobs
were created
14. Approval of Permanent
Green Card — 99%+
approval rates in FY2015
RETURN OF CAPITAL
TO INVESTOR
(No earlier than year 5)
Minimum
Capital
Requirement
New U.S. Jobs
Requirement
Background
Check
Legally
Sourced
Investment
”At Risk”
Investment
$500,000 investment
in a new business or
real estate project
ŸŸ Over 98% of
EB-5 investors
invest through
Regional Centers at
$500,000 level
ŸŸ $1 million option
available for EB-5
direct investments
Create or preserve at
least ten full-time jobs
for American workers
Proof that investor is
not a convicted criminal,
no history of financial
fraud or has not
previously violated U.S.
immigration laws
Can clearly document
that the funds required
to make the investment
come from a lawful
source
Acceptable options
include:
ŸŸ Salary
ŸŸ Gifts of money from
family & friends
ŸŸ Profits made from
sale real estate or
other assets
ŸŸ Loan
Investment must be
“At Risk” (i.e. fully
invested in the project)
for a period of no less
than 5 years
Per U.S. law, the EB-5
investor cannot be
offeredanyguaranteed
return on or of principal
nor possess any
redemption rights on
capital
1 2 3 4 5
7
5. EB-5 ENJOYS HIGH APPROVAL RATES
I-526 Quarterly Approval Rates
I-829 Quarterly Approval Rates
Q1 2015 Q2 2015 Q3 2015 Q4 2015
93%
88%
92%
85%
100%
Q1 2015 Q2 2015 Q3 2015 Q4 2015
99% 99% 99%
2015 average 99%
2015 average 89%
Common Reasons
for I-526 Denials:
–– Source of Funds
–– Background Check
Common Reasons
for I-829 Denialsl:
–– Insufficient Job
Creation
EB-5 INVESTOR MARKETPLACE
CURRENTLY DOMINATED BY CHINA
China:
8,156
Brazil: 34
Mexico: 77
India:
111
UK: 84
South Africa:
30
Total EB-5 visas issued (investor plus dependents) in FY 20151
:
South
Korea: 116
Vietnam: 280
Russia:88
UAE: 9
Nigeria:
45
1
Source: U.S. Department of State - Department of Consular Affairs - Report of the Visa Office 2015
Prior to 2009, foreign investors used only a small fraction of the 10,000 visas allocated annually to the
EB-5 program. In recent years, however, EB-5 demand has increased dramatically. In fact, Chinese
applicants reached their per-country limit in 2014 and again in 2015
Pakistan:
29
Source: USCIS website
Egypt:
36
9
6. KEY BENEFITS
PRE-COLLEGE
DURING COLLEGE &
POST COLLEGE
HIGHER UNIVERSITY ACCEPTANCE RATES
Most U.S. universities limit foreign student populations to 20% or
less of the student body.
A foreign student,under an EB-5 visa,is treated as a U.S.resident
applicant and thus will not be impacted by limitations applied to
international students.
LOWER TUITION RATES
As a U.S.green card holder,your children may qualify for reduced
“in-state” tuition rates.
ŸŸ Foreign student tuition rates at top U.S. public universities
maybe as much as $200,000 higher than “in state” tuition
over a four year period
SCHOLARSHIPS/AWARDS
As a U.S. green card holder, students may qualify for merit-based
scholarships and awards reserved only for U.S. residents and
citizens
EXPANDED EMPLOYMENT OPPORTUNITIES
Live and work anywhere in the U.S. and pursue full range of
professional and business opportunities in the world’s largest
economy
Despite not having a U.S. GC, nearly one-quarter (20) of the 87
U.S. start-ups companies valued at over $1 billion had a founder
who first came to America as an international student.1
REMOVE UNCERTAINTY FROM YOUR CHILDREN’S
EMPLOYMENT POSSIBILITIES
Foreign university students and graduates are subject to a highly
competitive lottery system in order to obtain the required H1-B
employer-sponsored visa
ŸŸ In April 2015, the USCIS held lottery for 65K H1-B visas from
over 233,000 applications
ŸŸ H1-B visa holders from India, for example, typically wait 8 to
10 years for a green card
ŸŸ According to NY Times, nearly 70% of H1-B visas were issued
to the top 5 Indian outsourcing firms in 2014
U.S. Residents International
8.8% 2.8%
19.5% 8.8%
5.9% 2.1%
One of the most popular EB-5 investment options is for parents to donate the investment amount as a gift
to their son or daughter and have them become the EB-5 investor.
Given the overwhelming surge in applications from international students, the competition for acceptance
into American universities is fiercer than ever
U.S. GREEN CARD IS VOLUNTARY AND CAN BE RETURNED AT ANY TIME
POTENTIAL BENEFITS WHEN
APPLYING TO U.S. COLLEGES
ŸŸ No Student Quota
ŸŸ Lower Tuition Costs
ŸŸ Access to ScholarshipsSon/Daugther
Submits I-526
as EB-5 Investor
Father/Mother/
Relatives Donate
the $500K to
Son/Daughter
Son/Daugther
Obtain U.S.
Green Card
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit
http://www.djreprints.com.
http://www.wsj.com/articles/international-students-stream-into-u-s-colleges-1427248801
Suffyanah Algheithy, 20, a senior at the University of Colorado Boulder, chats with fellow students at an
international-student gathering last month. PHOTO: NATHAN W. ARMES FOR THE WALL STREET JOURNAL
1
IMMIGRANTS AND BILLION DOLLAR STARTUPS (March 2016); National Foundation for American Policy
KEY BENEFITS
POTENTIAL CAREER BENEFITS
ŸŸ Not subject to annual H1-B visa lottery
ŸŸ No need to find local company sponsor
ŸŸ Difficult job mobility
EB-5 DONATION OF $500K TO SON OR DAUGHTER
11
7. Hedge Local
Currency
Depreciation
Use U.S. dollar-
denominated EB-5
investment as depreciation
hedge vs. local currency.
Direct Path to
U.S. Citizenship
Can apply at the five
year anniversary of
receipt of their conditional
resident status.
No Expiration Date
The U.S. green card
does not expire nor do
your children lose when
they turn 21.
Easy to Qualify
No specialized skills
required. No travel or
age restrictions, and
no language skills
requirement.
Residency
Safety Valve
Back-up plan in
situations of political
instability or crisis
OTHER KEY BENEFITS REPRESENTATIVE ECONOMICS FOR
EB-5 INVESTOR
1
Admin fee is used to cover upfront expenses such as project underwriting, business plan writers, econometrics jobs report, securities attorney fees, TEA designation and
escrow service.
2
LCR works with several top EB-5 immigration firms. The fees shown include source of funds analysis and are representative in nature.
3
LCR AOFF IV investor receives an annual preferred return on capital of 1.50%.
IMPORTANT NOTE: LCR recommends each prospective investor seek guidance from U.S. tax planning specialist [fees not included above] and is happy to refer you to
pre-immigration tax specialists.
Total Investment Costs/Fees
Timeline Application I-526 Approval I-829 Approval Sub-totals
USCIS
I-526 Filing Fee
($1,500)
I-485 Filing Fee
($985)
I-829 Filing Fee
($3,750)
($6,235)
Immigration
Attorney
($15,000) ($5,000) ($10,000) ($30,000)
LCR Capital
Administration Fee1
($60,000)
($60,000)
Investment
EB-5 Investment
($500,000)
$537,500 $37,000
Step
Sub-totals
($576,500) ($5,985) $523,750
Total Cost $58,735
Return of Principal $500,000
13
8. Each year, the U.S. awards around 1 million new green cards to citizens from all over the world. No other
country is close to approaching the sheer number and diversity of immigrants that are welcomed by the
United States.
U.S. GREEN CARD MARKET IS GLOBAL
0 1 2 3 4 5 6 1 0 +
100%
75%
50%
25%
0%
Time to Recieve Green Card (years)
Ease&CertaintyofObtainingGreenCard
Lottery
H1-BL-1
EB-5
Family
Sponsor
EMPLOYMENT
PREFERENCE
CATEGORY
Every year around 140,000
visas are granted on account
of sponsorship by U.S.
employers
First (40,000)
Priority workers, which
include persons of extra-
ordinary ability in arts,
science, education, business
and athletics or outstanding
professionals and researchers
Second (40,000)
Professionals with advanced
degrees or exceptional abilities
Third (40,000)
Professionals and skilled or
unskilled workers
Fourth (10,000)
Religious workers and various
miscellaneous categories of
workers
Fifth (10,000)
EB-5 investors
FAMILY
PREFERENCE
CATEGORY
Every year 226,000
immigrant visas are issued on
account of family relationship
with U.S. citizens or green
card holders.
First (23,400)
Unmarried people of any age,
who have at least one U.S.
citizen parent
Second (114,200)
(A) Spouses of unmarried
children of green card holders
under the age of 21 years
(B) Unmarried sons and
daughters above 21 years of
green card holders
Third (23,400)
Married people of any age,
who has at least one U.S.
citizen parent
Fourth (65,000)
Sisters and brothers of U.S.
citizens, where the citizen is
over 21 years old
Top Places of Origin1
U.S. GREEN CARD ALTERNATIVES
Class of Admission Sixty-six percent of new green cards were granted
based on a family relationship with a U.S. citizen or
lawful permanent resident, however the average
waiting time for such visas can be as much as 10
years, depending on individual circumstances.Family-
Sponsored,
210,303
Immediate
Relatives of
U.S. Citizens,
439,460
Employment-
Based: 151,110
Diversity,
45,618
Refugees
and Asylees,
119,630
Other, 14,432
The EB-5 investment visa compares favorably to all
other U.S. green card alternatives
GREEN CARD LOTTERY: Green Card Lottery: Each year,
55,000 immigrant visas are granted through an annual lottery.
CHINA
71,798
7.2%INDIA
68,458
6.9%
PHILIPPINES
54,446
5.5%
VIETNAM
27,101
2.7%
SOUTH
KOREA
23,166
2.3%
1
Source: DHS Office of Immigration Statistics; # of Green Cards Issued in 2013 / Growth Rate (’12-’13)
MEXICO
135,128
-7.7%
BRAZIL
11.033
-6.2%
EGYPT
10,924
21.5%
INDONESIA
2,713
4.2%
IRAN
12,863
1.3%
PAKISTAN
13,251
1.3%
EB-5,
10,000
15
9. RegionalCenterOverview
An emerging leader in the EB-5 industry
Founded in 2012 by first-generation U.S. immigrants who met at Harvard
Business School in the mid 1990’s, LCR Capital Partners is a partner-
owned investment firm that deploys EB-5 investments as growth capital in
the well established U.S. franchise industry, primarily in the quick service
restaurant (QSR) sector.
Strong QSR franchise brands are ideally suited for our EB-5 investors as
they have long, proven histories of operating success and are one of the
most efficient.
As a firm with many first generation immigrants, LCR has taken a client-
centered approach to how it designed its EB-5 franchise finance funds
to meet the needs and mitigate the risks of our investors, an approach
markedly different than many others in the EB-5 space.
FIRM OVERVIEW
LCR has transformed a government immigration program into a standardized,
transparent financial product that maximizes job creation, mitigates risk and
protects investors’ principal.
LCR’s primary client base comes from high net worth investors from Latin
America, China, India and the Middle East.
LCR is headquartered in Westport, CT, has offices in Miami, FL, São Paulo,
Brazil, and Mumbai, India. The firm will be establishing operations in Shanghai
and in the Middle East by the end of 2016.
“LCR Capital Partners…could be a game changer in the
franchise finance world.”
– Franchise Times (September 2014)
17
10. SENIOR MANAGEMENT TEAM
LCR’s senior management team met at Harvard Business School in the mid 1990’s and since then has
built and established distinguished track records while serving at many of the world’s premier organizations
including: McKinsey Co., Goldman Sachs, UBS, Credit Suisse, BlackRock, EMP Global, Wasserstein Perella,
Nomura, INVESCO, Fox Point Capital, the U.S. Congress, and other leading global institutions.
Background
Suresh Rajan
CEO
ŸŸ Dunkin’ Donut Multi-Unit Operator
ŸŸ Consultant at McKinsey Company
ŸŸ U.S. Congressional Aide
ŸŸ Harvard MBA 1997
Rogelio Caceres
Co-Founder CMO
ŸŸ Founding Exec and Head of Sales for start-up Professional Services firms
ŸŸ Latin America Private Equity at EMP Global
ŸŸ Investment Banking at Wasserstein Perella
ŸŸ Harvard MBA 1997
Joseph Haggenmiller
COO
ŸŸ Quantitative Hedge Fund Manager
ŸŸ Equity Derivative Structuring at Credit Suisse and UBS
ŸŸ Investment Banking at RBC Dain Rauscher
ŸŸ Harvard MBA 1997
Scott Schweitzer
CFO
ŸŸ Head Trader / Chief Operating Officer at Fox Point Capital
ŸŸ Prime Brokerage at Deutsche Bank
ŸŸ United States Air Force
ŸŸ Harvard MBA 2005
Marc Sharpe
Managing Director
ŸŸ Chairman of The Houston Family Office Association
ŸŸ Investment Management at Goldman Sachs Co.
ŸŸ Investment Banking at Wasserstein Perella Co.
ŸŸ Harvard MBA 1998
Carlos Higuchi
Managing Director
ŸŸ Alternative Investments at Invesco
ŸŸ Debt Capital Markets at Nomura
ŸŸ BA Economics at UCLA
Carlos Hawker
Chief Development Officer,
Latin America
ŸŸ Commercial Banking at HSBC Brazil
ŸŸ Investment Management at BlackRock Latin America
ŸŸ Fordham LLM 2008
DEEP EXPERTISE IN FRANCHISE
OPERATIONS AND LENDING
LCR combines expertise in lending, franchise strategy, and franchise operations – and applies its expertise
to benefit EB-5 investors.
$300 million Amount of Capital Loaned
35 Franchise Brands Funded
3,000 Franchise Store Locations (Originated Funded)
2% Default Rate
Created over 75,000 Jobs
*Mount Pleasant Capital, owned and operated by Bob Rodi, serves as LCR’s exclusive strategic partner in all of its franchise
finance activities.
Operations and
development
Strategy Lending and
credit risk analysis
Suresh Rajan
CEO
Lynette McKee
Chief Development Officer
Bob Rodi
Exclusive LCR Strategic Partner
LCR’s Exclusive Strategic Partner Track Record*
Experienced owner/operator
of Dunkin’ Donuts stores across
the U.S.
Former Vice President of Franchising
for Dunkin’ Donuts and Burger King
Owner of Mount Pleasant Capital, a
premier underwriter of franchise loans
to over 3,000 restaurant stores over
the last 30 years
19
11. EXPERIENCED REGIONAL CENTER:
LCR’S EB-5 TRACK RECORD
LCR currently operates two Regional Centers:
#1. LCR Overseas Regional Center (NY, NJ, CT and PA) was approved in May 2014
#2. LCR Atlantic Gulf Regional Center (Florida and Georgia) was approved in December 2015
LCR successfully closed its first EB-5 project, the American Opportunity Franchise Fund I, LP, in September 2015.
LCR EB-5 PROJECTS SIZE TERRITORY
PREFERRED
RETURN
STATUS
American Opportunity Franchise Fund IV, LP Up to $49 Million TX, AL, LA, MS 1.50%
Marketed in
Rest of World
American Opportunity Franchise Fund III, LP Up to $49 Million GA, TN, NC, SC 0.25%
Marketed
in China
(primarily)
American Opportunity Franchise Fund II, LP Up to $49 Million FL 0.25%
American Opportunity Franchise Fund I, LP $12 Million NY, CT, PA NJ 0.25% CLOSED
REGION STORES1 PENETRATION
Core 4,049 1:8,900
Established 2,675 1:20,100
Emerging 1,196 1:74,200
West 320 1:406,000
TOTAL 8,240 1:37,500
FUND I
FUND III
FUND II
FUND IV
100% FOCUS ON
OUR INVESTORS’ NEEDS
LCR Capital Partners works closely with investors throughout the entire immigration and
investment process, providing consistent reporting and ongoing updates about the progress
of the project and the status of their investment.
Investor Portal
Each investor will have proprietary access to a confidential investor portal, provided by NES Financial, to track LCR’s
progress regarding job creation and capital deployment.
Independent Oversight
LCR’s EB-5 investors’ capital enjoys multiple layers of oversight including, Primary Capital – a U.S. SEC-licensed
broker-dealer, reviews documentation and the offering process to ensure compliance with U.S. securities laws
Newsletters
Quarterly newsletters that detail current project updates and announcements, important industry news, LCR’s
charitable efforts in our investors’ home countries and LCR travel and speaking engagements
Site Tours
Bi-annual due diligence visits are conducted by LCR Capital on project sites across the country, allowing us to monitor
the progress of construction and operations of each project.
21
12. LCR CLIENTS: FEEDBACK PROFILES
LCR’s EB-5 investors and their families include accomplished financial executives, doctors, successful
business executives and entrepreneurs, and U.S. college students. They range in age from 1 to 56 years old.
LCR’s focus on transparency and investor protection has yielded positive feedback from our EB-5 investors
from all over the globe:
“Like everything in life, the project has a risk,
but it seems to be a very small risk, and it is
done by competent people.”
“Other visas don’t have the same flexibility. If my children keep their student visas, after they
graduate, they will need to get a work visa or find a company to sponsor them.”
“It is not in my interest to manage a new
business and I don’t have the experience. That
is why I did not choose the direct EB-5.”
Fmr. Senior Executive at UBS
Sponsoring: Himself, wife and 2 sons
Destination: Washington DC
Fmr. Managing Director at Merrill Lynch
Sponsoring: Herself, husband and 2
children (E-2 Visa expiring)
Destination: Boston, MA
Teacher
Sponsoring: Herself and her son
Destination: New York City, NY
Agriculture Farm Owner
Sponsoring: Himself and his wife
Destination: Miami, FL
“I chose LCR for the EB-5
program for 2 reasons:
the design of their project,
which looks very good, and
a presence here in Brazil,
which makes our contact
much closer.”
Client Services Director
Sponsoring: Herself and
her husband
Destination: Boston, MA
Student
Sponsoring: Investment
donated by parents
Destination: Carnegie-
Mellon in Pittsburgh, PA
23
13. BrandOverview
LCR Capital Partners is pleased to select
Dunkin’ Donuts
Given our intimate familiarity and experience with the Dunkin’ brand, as
operators, lenders and senior company executives, LCR is pleased to help
fuel it’s expansion across the United States. As the 7th largest U.S. restaurant
chain and one of the fastest growing, Dunkin’ has attractive new store
development opportunities across most of the country, as the majority of
Dunkin’ stores are currently concentrated in the Northeastern United States.
1
GE Capital Franchise Finance | 2015 Chain Restaurant Industry Review
2
2015 DNKN 10-K Report
3
Performance through September 30th, 2015
4
Dunkin’ Donuts Franchise Disclosure Document 2015
Source: Dunkin’ Brands 2015 Investor Analyst Day; October 1st, 2015
60 Years
of Brand Heritage and
Track Record
SIGNIFICANT U.S.
GLOBAL GROWTH
OPPORTUNITY
$7.2 billion
System-Wide
Revenue1
Over 11,000
restaurants in 42
countries around
the world2
$811 million
Revenues
(FY 2015)
Publicly-traded
company
(NASDAQ: DNKN)
$4.2 billion
Market Capitalization
(3/28/16)
47
Consecutive Quarters
of Comparable
Store Sales Growth3
Dunkin’ Donuts is a unique brand in the U.S. QSR space
PROVEN, GROWTH-FOCUSED BRAND
1.3% Store Closure Rate4
25
14. As a nearly 100% franchised business, Dunkin’ relies on its experienced operators/franchisees for new
store development. Compelling unit store economics drive accelerated growth.
COMPELLING STORE ECONOMICS
Average Construction Cost
$865,000
Average Unit Volumes
$890,000
Source: Dunkin’ Brands 2015 Investor Analyst Day; October 1st, 2015
TOP 10 U.S. RESTAURANT CHAINS [BY REVENUES] IN 20151
Rank Chain Segment
Systemwide
Sales
(in $ MM)
% Change
Sales per Unit
(in $ MM)
Total U.S. Units
Change in
Units
1 McDonald’s Sandwich S35,447 -1.1% $2,500 14,350 72
2 Subway Sandwich $12,057 -1.7% $448 26,988 523
3 Starbucks Snack $10,476 9.20% $1,400 7,3032
254
4 Burger King Sandwich $8,603 1.20% $1,256 7,095 -60
5 Wendy’s Sandwich $8,501 5.00% $1,488 5,745 -46
6 Taco Bell Sandwich $8,133 4.40% $1,441 5,526 150
7 Dunkin’ Donuts Snack $7,175 6.40% $888 8,082 405
8 Pizza Hut Pizza $5,585 -1.1% $843 6,356 57
9 Chick-fil-A Chicken $5,477 8.40% $3,406 1,850 75
10 Applebee’s Casual $4,592 1.60% $2,465 1,870 -34
DUNKIN’ IS THE 7th LARGEST
RESTAURANT CHAIN IN THE U.S.
1
GE Capital Franchise Finance | 2015 Chain Restaurant Industry Review
2
Source: Statista – Starbucks operates 7,303 company-owned stores and 4,659 licensed stores.
Dunkin’ Donuts built more net new stores in 2015 (405) than any other major franchise restaurant
company except Subway
Average Operating Earnings (Year 1)
~ $145,000
Store Valuation Multiple (Cap Rate)
~ 17.3x
Average Dunkin’ Store Valuation
~ $2,500,000
27
15. DUNKIN’ DONUTS IS THE #2 U.S.
COFFEE CHAIN
1
Source: Dunkin’ Brands Q2 2015 Investor Presentation
2
Source: GE Capital Franchise Finance
In 2015, there were 8,082 Dunkin Donuts stores
operating in the U.S. versus 11,962 Starbucks stores.1
According to the 2015 Chain Restaurant Industry
Review, Starbucks and Dunkin’ control 90% of the
U.S. snack market.2
50.1%
39.5%
10.4%
All Others
DUNKIN’ ENJOYS LOW STORE
CLOSURE RATES
According to their latest Franchise Disclosure Document, the 2015 Dunkin’ store closure rate across all
types of operators/franchisees equaled 1.3%
Dunkin’s store closure rates compare favorably to the loan delinquency rates of retail real estate properties
across at the United States2
Several of the key root causes for QSR store closures include:
1
According to the NPD Group/CREST® (“CREST®”)
2
Moody’s Delinquency Tracker and DD FDD documents (2012 to 2015)
Source: DNKN 2015 10-K report
7.2% 7.4%
6.2% 6.0%
6.3%
1.5%
1.9%
1.3% 1.3% 1.2%
Retail RE Delinquency Rate DD Store Closure Rate
2011 2012 2013 2014 2015
Product Risk Site Selection Risk Operator Risk
Coffee
ŸŸ In 2015, there was 8 billion restau-
rant servings of coffee1
ŸŸ Represents over 80% of DNKN’s
revenues
Substitute Products
ŸŸ Coffee consumption is inelastic and
one of the last daily expenditures to
be cut in a recession
Strict Proven Criteria
DNKN has a defined, set of specific new
site criteria based on 60+ of operating
history
DNKN requires each new site location to
be approved by its Chief Development
Officer
DNKN requires the new site selection to
match the new store’s build out costs
and unit sore economics
Single/Small Unit Operators
ŸŸ LCR does not lend to these type of
operators
Multi-Unit Operators Only
ŸŸ Awarded the best new territories and
premier development rights
ŸŸ Operator risk mitigated by:
–– Deep management bench strength
–– Strong network cash flow
–– Real-time loan monitoring: Early
warning detection systems tied to
real-time store data
29
16. TRACK RECORD OF GROWTH IN NEW
STORES ACROSS THE U.S.
According to an SP Capital IQ report (3/19/16), DNKN will increase the number of distribution points in the
U.S. by about between 435 and 470 net new units in 2016 and “believe DNKN has significant growth
opportunities through more store openings of Dunkin’ Donuts in the western part of the U.S.”
DUNKIN’ DONUTS U.S. NET DEVELOPMENT
2009 2010 2011 2012 2013 2014 2015E
171
206
243
291
371
405
410-440
3.10% 3.60% 4.10% 5.10% 5.30%
31
17. ProjectOverview
LCR’s American Opportunity
Franchise Fund IV, L.P.
LCR’s fourth EB-5 project, AOFF IV, provides experienced multi-unit
operators with senior-secured loans to partially finance the construction
of up to 72 new Dunkin’ restaurants across the states of Texas, Alabama,
Louisiana, and Mississippi. Each of our borrowers endures a rigorous,
underwriting process before being selected. LCR typically requires each
borrower to contribute on average 25% of new store development cost
with their personal equity. LCR will also invest in construction of Dunkin’
buildings to be leased to same Dunkin’ operators.
Up to 98 EB-5 INVESTORS
~Up to 72 DUNKIN’ DONUTS STORES
Up to $49 MILLION IN EB-5 CAPITAL
2,432 JOBS
24.8 JOBS / INVESTOR
AOFF IV INVESTMENT STRUCTURE
EB-5 INVESTORS
LCR Overseas Regional
Center LLC
LCR AOFF IV, L.P.
$60K ADMIN FEE $500K
LCR Franchise Finance
LLC
Loans to partially finance
development of new stores
Land purchases to
generate rental income
INVESTORS ARE REPAID THEIR ORIGINAL INVESTMENT*
after a 5 year period
$500,000
Return of Principal
$37,500
Preferred Return on Capital
LCR’s investment platform allows our investors to participate across multiple job creating stores rather than
rely on a single EB-5 project.
UP TO 72 DUNKIN' STORES
Year 0
Years
0 to 2
Year 5
*EB-5 regulations expressly prohibit the guaranteed return of the EB-5 investors’ principal investment amount. 33
18. STRONG JOB CREATION IN THE EB-5
INDUSTRY
JOB-CREATION POWER OF U.S. FRANCHISES
ŸŸ QSR franchises are one of the highest job-creating industries in the U.S.
ŸŸ The franchise industry accounts for 17.4 million (or 1-in-8) U.S. jobs, and 10% of new U.S. job creation.1
ŸŸ The QSR segment of the U.S. restaurant industry accounted for approximately $269 billion of the total $431 billion restaurant
industry sales in the U.S. for the twelve months ended Dec. 31st, 2015.2
ECONOMIC STUDY
ŸŸ Former Chief Economist at USCIS, Kim Atteberry, wrote LCR’S AOFF IV econometric jobs study
Jobs Required by USCIS Jobs Created by AOFF IV
248% Cushion
980
2,430
1
ADP National Franchise Report
2
DNKN 2015 10-K - The NPD Group/CREST
FOCUS ON PRINCIPAL PROTECTION
AND RETURN
Diversified
Portfolio
ŸŸ LCR will make multiple loans to experienced multi-unit Dunkin’ operators to build new stores
across large territory
ŸŸ In the (unlikely) event of default of one or more loans, the portfolio structure of AOFF IV’s
senior collateralized loans provides superior protection to an EB-5 investor’s principal
ŸŸ In 2015, Dunkin’ had a new store development success rate of 98.7%
Senior Secured
vs. Mezzanine
ŸŸ LCR will only make senior-secured loans to the best Dunkin’ operators. This segment of
operators typically have a net worth $15 MM
ŸŸ Traditional EB-5 real estate projects are mezzanine/subordinated loans in one asset, where
default on loan may lead to zero recovery
ŸŸ Dunkin’ Loan Recovery Rate is estimated to be around 80%
Land/Building
Ownership
ŸŸ AOFF IV may purchase land under its new store locations and thus add portfolio revenue
through rental income and land sales at end of holding period
ŸŸ Traditional EB-5 real estate projects typically have investment risk concentrated in one asset
Defined Exit
Strategy
ŸŸ AOFF IV has multiple exit strategies for its investors including loan maturity, sale of the loan
portfolio and/or sale of business
ŸŸ With a projected $70 million in revenue and principal return over 5 years, available cash
projected for AOFF IV is expected to be more than enough to cover the $49 million in
investor funds
35
19. AOFF IV’S PRINCIPAL PROTECTION VIA
PORTFOLIO DIVERSIFICATION
Due to AOFF IV’s mutual fund structure, the risk of lack of repayment of principal is diversified across up to
72 senior-secured, 5 year new Dunkin’ store development loans.
AOFF IV repayment risk is also spread across multiple stores, operators and geographies.
AOFF IV EB-5 Investors
$500K
LCR AOFF IV, L.P.
UP TO $49 MM
INVESTORS ARE REPAID THEIR ORIGINAL INVESTMENT
after a 5 year period
Up to 72 new Dunkin’ stores built
across Texas and three other states
Average
Construction Cost
Per Store
$865K
LCR Franchise
Finance LLC
Dunkin’ Multi-Unit
Operators
Senior,
5 Year Loans
$650K
Franchisee
Equity
$215K
LCR AOFF IV, L.P.
Year 0
Years
0 to 2
Year 5
LCR’S EB-5 PROJECTS ARE SUPERIOR
TO TRADITIONAL EB-5 PROJECTS
CRITERIA LCR STANDARD EB-5
Strong Job Creation 24.8 jobs per investor 12-13 jobs per investor
Investment Structure Diversified Portfolio of Loans All investors in single project
Place in Capital Structure
Senior-Secured / Cross-
Collateralized
Often Subordinated-Unsecured
Debt
Proven Exit Strategy
Loan Maturity/Sale of Business/
Sale of Portfolio
Unclear/Uncertain
Top Quality Brand Global, proven QSR brands only
Brands/projects with no other
source of capital
Minimum # of Investors None Need all investors to start
U.S. SEC-registered Broker Dealer To ensure our investor’s protection
Less than 10% of Regional Centers
use Broker/Dealers
EB-5 Holding Period 5 years 6-10 years
5 Year Annual Dunkin’ Store
Closure Rate = 1.44%
Historical Dunkin’ Loan
Recovery Rate = 80%
37
20. INVESTMENT
PHASE
1-2 months
CAPITAL
DEPLOYMENT
PHASE
Years 1-3
CAPITAL
RETURN
PHASE
Year 5
LIFECYCLE OF AN LCR EB-5 INVESTMENT
Client’s immigration attorney
reviews LCR confidential
investor documents
Client makes
EB-5 investment
$500,000
Held in escrow account
at PNC Bank
($500,000)
Deployed as senior-
secured loans to partially
finance construction of
new Dunkin’ stores
$500,000
Repayment: 5 year
loans are repaid
by Dunkin Donuts
franchisees
$37,500
Preferred Return:
Investor receives a 1.5%
per year preferred return
Upon I-829 approval,
LCR wires money back
to the U.S. bank of the
investor’s choosing
LCR investor has access to
customized portal and has
full visibility to how capital is
being deployed (# of new
stores, job creation etc.)
I-829
1.5%
Week 1 Weeks 2-3 Weeks 3-4 Week 5 Week 6
Investor
LCR
Immigration
Attorney
SUGGESTED I-526 APPLICATION PLAN
Signs
Application
Letter
Engages
immigration
attorney
Reviews
Welcome
Pack*
Sends Investor
Questionnaire,
W-8BEN and
Copy of the
Passport for
LCR
Sends signed
Signature
Booklet to LCR
Wires Admin
Fee ($60K)
into AOFF |V
U.S. Escrow
Account
Translation of all
required documents
into English
Sends full set of
translated docs to
immigration firm
Wires EB-5
investment ($500K)
into AOFF |V U.S.
Escrow Account
Conducts final
review
LCR sends
Welcome
Pack*
Schedule call
with experienced
immigration firm
Conducts final
review
Begins preparation of
I-526
Finalizes
source
of funds
documents
I-526
Submit
Application
*Welcome pack includes:
ŸŸ Investor Questionnaire
ŸŸ I-526 Document Checklist
ŸŸ Signature Booklet 39
21. LETTER OF REGIONAL CENTER
DESIGNATION
Date: May 16, 2014
Suresh Rajan
LCR Overseas Regional Center, LLC
One Stamford Plaza, Regus Worldwide, 263 Tresser Blvd., 9th Floor
Stamford, CT 06901
Application: Form I-924, Application for Regional Center under the Immigrant
Investor Pilot Program
Applicant(s): LCR Overseas Regional Center, LLC
Re: Initial Regional Center Designation
LCR Overseas Regional Center, LLC
RCW1402951663 / ID1402951663
This notice is in reference to the Form I-924, Application for Regional Center under the
Immigrant Investor Pilot Program that was filed by the applicant with the U.S. Citizenship
and Immigration Services (“USCIS”) on January 29, 2014. The Form I-924 application was
filed to request approval of initial regional center designation under the Immigrant
Investor Program. The Immigrant Investor Program was established under § 610 of the
Department of Commerce, Justice and State, the Judiciary, and Related Agencies
Appropriations Act of 1993 (Pub. L. 102-395, Oct. 6, 1992, 106 Stat. 1874).
I. Executive Summary of Adjudication
Effective the date of this notice, USCIS approves the Form I-924 request to designate LCR
Overseas Regional Center, LLC as a qualifying participant in the Immigrant Investor
Program.
II. Regional Center Designation
USCIS approves the applicant’s request to focus, promote economic growth, and offer
capital investment opportunities in the following geographic area and industry categories:
U.S. Citizenship and Immigration Services
Immigrant Investor Program
Mailstop 2235
Washington, DC 20529
LETTER OF SUPPORT FOR LCR
41
22. MESSAGE FROM LCR’S CEO
February 2016
Dear Investor,
As a firm founded by first generation U.S. immigrants, LCR takes its mission very seriously: to serve as a
trusted and reliable partner to our EB-5 investors as they successfully navigate a transition towards U.S.
residency.
By transforming a government immigration program into a standardized financial product that maximizes job
creation, mitigates risk and protects investors’ principal, our firm’s EB-5 franchise finance funds continue to
be rewarded by strong international investor demand, both from our original investor markets such as Brazil
and China as well as emerging EB-5 markets like India and the Middle East.
We would like to thank our investors for their continued support and confidence in our abilities, our Board
for their leadership, and our employees for their collaboration and deep commitment to our rapidly emerging
firm.
Sincerely,
Suresh Rajan
CEO
43
23. LCR Capital Partners, LLC
315 Post Road West | Suite 200 | Westport, CT | 06880
+1 203.883.1940 | info@lcrcapital.com
www.lcrEB5capital.com
This material does not constitute investment advice, an offer or commitment to sell securities, a solicitation of any offer to purchase securities, or any
advice or recommendation to enter into or conclude any EB-5 sponsored transaction. You should consult your legal counsel, accountants, and/or tax
advisors prior to making any decision or taking any action concerning the information provided in this document.