Only borrowing for which the investors are personally liable, or which is secured by their own unrelated assets, counts as capital at risk. A loan secured solely against the facility being purchased is not the investors' money at risk and is excluded from the investment total.
The test is whose assets are exposed
Property acquisitions are usually financed, and the financing structure changes the E-2 arithmetic more than the price does. Funds count when they are the investor's own and are irrevocably committed, and borrowed funds count when the investor bears personal liability, for example a loan secured on their Hope home or a personal guarantee not limited to the acquired assets. A commercial mortgage whose only security is the storage facility itself places the lender's money at risk, not theirs, and that portion is excluded.
The practical consequence is that a highly leveraged purchase can produce a large price and a small qualifying investment. Alongside the capital, ordinary application costs apply: the consular fee per applicant set by the State Department, or the USCIS Form I-129 fee from the fee schedule if a change of status is filed from inside the United States. Closing costs, professional fees and permits form part of the investment; the family's moving and living costs do not.