$962 million of the more than $4.0 billion of capital sourced from 1999-2008 has been from life insurance companies. Banks, in line with their status as the country's largest source of commercial mortgage capital, have provided $1.3 billion, or 32% of total financings. Pension funds and their advisors with $516 million and private sources with $257 million have provided most of the equity and structured finance capital. Life company financings have been predominantly permanent loans, while bank financings have generally been construction loans or interim loans on not yet stabilized properties. These have in most cases, with a lag of a year or two, been converted to permanent loans with life companies or CMBS.