One of the most common, and often most efficient, financing arrangements for PPP projects is "project financing", also known as "limited recourse" or "non-recourse" financing. Project financing normally takes the form of limited recourse lending to a specially created project vehicle which has the right to carry out the construction and operation of the project. Limited recourse means that the lenders look only to the assets and revenues of the project for repayment of debt and interest; and not to the shareholders. One of the primary advantages of project financing is that it can provide off-balance sheet financing, which will not affect the credit of the shareholders or the grantor, and shifts some of the project risk to the lenders in exchange for which the lenders obtain a higher margin than for normal corporate lending. This motivates the lenders to require a detailed assessment of risk management and allocation before financing is committed to the project. Thus major project challenges are identified and addressed early in the project. Normal public procurement does not achieve this, leaving risks to be discovered later, often when it is too late, or far more costly to address.