100+% Funding for Projects Leased by High-Quality Tenants

Merchant Developer Program


The principals of Bison are looking to collaborate with developers of single tenant net lease properties seeking high-octane capital. We build relationships with developers that have more deals than their current capital base will support.


Our team is laser-focused on the credit quality of the tenant and the income stream to be generated by a long-term lease. Our underwriting process overlooks the bumps, bruises and battle scars developers have endured since the financial meltdown of 2008. We care more about the cash flow to be generated from the tenant than your "Great Recession" baggage. If you are developing a project for a tenant we like, our investment partners will fund up to 100% of the total development budget (including your developer fee) with no equity participation or kicker.

What do we like?:

Seeking projects that generate a long-term, high-quality income stream from tenants that are considered “investment grade” by the rating agencies or unrated companies with especially strong audited financials and fundamentals (e.g. Wawa, etc.).  We are agnostic as to property type. Will entertain: student housing, retail, office, warehouse/industrial, data centers, R&D, and medical uses. We will also consider specialized, single-use assets such as hospitals, municipal / government buildings, administrative offices, schools, sewage treatment plants, courthouses, jails, fire stations, police stations, and renewable energy projects with power purchase agreements.

Investment Size:

$10+ million for stand-alone projects. We can do smaller individual transactions that are part of a cookie-cutter platform to deliver same type project to same tenant over and over (e.g. 10 Wawa gas/c-stores at $5 million average per location). 

Property Locations:

United States Only. We are not considering international transactions at this time.

Special Sauce:

In certain cases, we provide the tenant the right to buy the property at the end of a 20-25-30 year lease for $1.

Sale / Leasebacks considered?

Yes, seeking off-market opportunities not listed by major CRE brokerage shops. Our unique structure is more tax-efficient than alternative structures that can trigger a taxable event at the sale.

Track Record

Please visit the Track Record section of our website. Bison has closed multiple transactions at 95-100% LTC before and after the start of the Covid-19 pandemic.

What type of projects are not eligible for this program?

This is exclusively for single tenant net lease projects with investment grade or extremely qualified counterparties.

Process Overview:

  • Developer to share 8 to 10 high-level bullet points with Bison (name/credit profile of tenant and basic economics such as length of primary term of the lease, lease terms and the amount of the cash flow)
  • If acceptable to Bison...
  • Developer submits detailed due diligence package (executive summary, proof of site control, development budget, project Pro-forma, tenant approval letter, executed lease/LOI/PPA, etc.)
  • Investor and Developer agree on terms of the transaction
  • Finalize Due Diligence & Legal
  • Financial Close - Developer is reimbursed for their pursuit costs at closing
  • Construction - Developer submits construction draw requests which are funded by Investor
  • Developer completes the project and turns the asset over to the Tenant
  • Depending on the Developer's goals, the Developer sells or refinances
  • Repeat

Benefits to Developer:

  • This program is based on the creditworthiness of the tenant, not the developer
  • Develop more properties for a more diverse group of tenants with the same capital base
  • Develop much larger projects than your current capital base will support
  • Stop trying to raise "country club equity" or "play nice" with a shrinking list of commercial banks willing to take construction risk and instead spend your time looking for tenants, building buildings or playing with your kids/grandkids

Properties that do NOT qualify for this program:

  • Multi-tenant properties
  • Low credit quality tenants (below investment grade or private companies with low or negative profitability)
  • For-sale properties (subdivisions, townhome communities, condominiums)

For more information please contact:

David Repka by e-mail: dave@bisonfinancial.com