While construction lending was historically done by local banks, sources of construction lending have broadened to include Wall Street Investment Banks, Pension Funds, Insurance Companies, Credit Companies and National or Regional Banks. Some of these lenders will even provide non-recourse construction financing under certain circumstances. Pricing for construction loans will generally float over Prime or LIBOR, and loan terms will be 2 years or less and usually provide for extension options. While most construction lenders will want 10% to 20% equity, some will accept imputed land equity, reducing the borrower’s cash requirements.