Project finance is the long-term financing of infrastructure and industrial projects based upon the projected cash flows of the project rather than the balance sheets of its sponsors. They are most commonly non-recourse loans without a personal guarantor and are secured by the project assets and paid entirely from project cash flow. The lender usually charges interest only at 3% and are given a lien on all of these assets and are able to assume control of a project if the project company has difficulties complying with the loan terms. The owner is required to put in an equity contribution (usually 20%) and can access funds using a draw schedule. Project finance typically starts at $25MM