Unlocking Predictability and Downside Protection: Your Guide to the Bridger Fund Investment Program
At Bridger Fund and Slatt Capital, we believe that transparency and trust are the foundation for every successful investment. That’s why we’re excited to share answers to the most common questions about the Bridger Fund, an income focused mortgage fund managed in joint venture by Slatt Capital and Doug Watson.
What Makes Bridger Fund Unique?
Bridger Fund specializes in short-term bridge loans secured by marketable commercial properties in local California geographies with institutional-quality sponsors. Our focus on quality assets and a hands-on management approach sets us apart from many national lenders who may not have the same local expertise or flexibility.
FAQs for Investors
1. What is Bridger Fund?
Bridger Fund is a private real estate investment trust (REIT) that provides monthly income and downside protection from senior secured commercial mortgages on California properties.
2. Who owns and operates Bridger Fund?
Bridger Fund is joint venture of Doug Watson and Slatt Capital. The fund is 50% owned by Doug Watson and 50% owned by Slatt Capital and its executives.
3. Who is Slatt Capital?
Slatt Capital is a commercial mortgage banking firm in operation since 1972 that originates and services commercial mortgages on behalf of life insurance companies, banks, credit unions, CMBS and agency lenders. In 2025, Slatt Capital’s active servicing portfolio holds over $5.3 billion in commercial mortgages. Slatt Capital brings their institutional experience managing every possible stage in the commercial real estate lending cycle: Origination, Servicing, Distressed Loan Workouts, Asset Management and Refinance. This 50-year lookback of data has taught Slatt Capital’s executives to “underwrite to the exit” and consider the possible effects of black-swan events like the 2008 financial crisis and early 2000’s dot-com bubble on a portfolio.
Differentiator: Our deep local roots and proven track record mean we understand the nuances of California real estate better than most national players.
5. What is Bridger Fund’s Investment Philosophy?
Bridger Fund exclusively originates senior liens secured by real commercial real estate assets with institutional quality sponsors. We believe that combination provides our investors the most consistent risk adjusted returns with downside protection. Our assets selection process has been developed using internal data from Slatt Capital’s 50-year servicing portfolio commercial mortgages originated and serviced on behalf of our life insurance company partners. The data has taught us that successful lending is highly dependent on the selection of strong, experienced sponsors operating marketable properties, with multiple tenable avenues of repayment (in-place tenant rents, conventional refinance, cash paydown, property sale, etc.).
6. Who is the Bridger Fund Investment Committee?
Every loan originated by Bridger Fund receives unanimous approval signoff from our three-member Investment Committee which holds a combined 90+ years of commercial real estate underwriting experience and invests alongside investors as limited partners in the fund. Every property is visited in person for a thorough walk-inspection by a member of our team, prior to final approval.
Doug Watson, President, Fund Manager
Bridger Fund represents Doug Watson’s second successful fund launch as President and Fund Manager. Doug previously built and managed a California-based bridge fund, growing it to $100 million in AUM before successfully exiting his ownership position. Doug has been active across the commercial real estate industry since 1990 working in commercial development with Spieker Properties, brokerage with CBRE, and national title insurance with Stewart Title Company National Unit, prior to founding his first mortgage fund in 2006.
Dan Friedeberg, Chairman
Daniel Friedeberg is the Chairman of Bridger Fund and the Chief Executive Officer of Slatt Capital. He oversees all of the company’s origination and servicing of loans. Daniel has worked in the real estate and financial services industry since 1992 and has secured several billion dollars in closings across virtually every market and asset class.
Michael Kaplan, Executive Vice President
Michael Kaplan is the Executive Vice President of Bridger Fund and the President of Slatt Capital. Michael has over 25 years of commercial real estate experience and has structured and arranged over $2.5 billion of commercial and multi-family debt for his valued clients. In addition to a stellar track record of placing office, industrial, multi-family, and hospitality debt, Michael is recognized by his peers as an industry leader in single-tenant net lease originations.
7. What types of properties does Bridger Fund lend on?
We focus on commercial and investment real estate, including office, retail, industrial, mixed-use, and multifamily properties. All loans are secured by real assets.
Differentiator: Our willingness to lend on a diverse range of property types gives investors access to a well-diversified portfolio.
8. What is the typical loan term and interest rate?
Bridger Fund exclusively originates first lien commercial mortgages. Loan terms range from 6 to 24 months, with interest rates typically between 8% and 12% annually. Origination fees (1–2%) go directly into the fund.
Differentiator: Our competitive rates and flexible terms are designed to attract high-quality borrowers and generate strong returns for investors.
9. How does Bridger Fund generate investor returns?
Returns come from interest income on bridge loans as well as origination and other fees. After expenses, distributions are made to investors including a monthly preferred rate and split of excess profits between LP and GP.
10. How often are distributions made?
Distributions are made monthly, once our third-party fund administrators complete accounting. Investors can choose to reinvest or receive cash via ACH.
Differentiator: Monthly distributions and a secure investor portal provide transparency and flexibility.
11. How does Bridger Fund help investors maximize their after-tax returns?
Bridger Fund works with all self-directed IRA custodians for investment of retirement funds. For post-tax investors, the fund’s assets are held in a subREIT to maximize tax efficiency. That means that Bridger Fund’s monthly distributions are Qualified REIT Dividends and qualify for the 199A Deduction of 20%. More Information on REIT Dividend Tax Treatment
Differentiator: The subREIT structure is a strategic advantage, allowing for tax benefits not always available in non-REIT funds.
12. What is the minimum investment?
The minimum investment is $100,000.
13. Is my investment liquid?
Bridger Fund is illiquid, with a 12-month lockup and a 60-day notice provision for redemptions (50% returned within 10 days, 50% after 90 days).
Differentiator: While not liquid, our clear redemption process and communication set us apart from funds with less transparent policies.
14. How is risk managed?
Each loan is underwritten with a conservative loan-to-value (LTV) ratio, typically under 65%. The portfolio is diversified, and all loans require unanimous approval from a three-member committee.
Differentiator: Our rigorous due diligence and committee approval process help safeguard investor capital.
15. What happens if a loan becomes impaired?
Bridger Fund has a rigorous in-place process in the case of an impaired loan. Fund managers meet twice weekly to discuss the current portfolio. In the event of non-payment, managers will determine the proper course of action which could include temporary forbearance or immediate default proceedings. In the event of 90 days of non-payment, and the filing of a notice of default, the fund will work with legal council, Fortra Law, to ensure we are enacting our full fiduciary responsibly to our investors to recoup principal and interest payments. Every 90 days the loan is re-evaluated to determine the likelihood of full principal repayment to determine if the Net Asset Value of the fund will be impacted. We will not automatically reduce the NAV of the fund in the event of a repayment, as it is often the case with conservatively underwritten senior-lien commercial mortgages that full principal repayment is achievable and this would provide an unfair advantage to new investors coming into the fund at the lower NAV.
FAQs for Borrowers
1. What types of loans does Bridger Fund offer?
We specialize in short-term bridge loans for acquisitions, refinances, and value-add projects—ideal for time-sensitive deals or those outside traditional lending criteria.
Differentiator: Our speed and flexibility allow us to close deals that others can’t.
2. What property types do you lend on?
We lend on commercial and investment real estate assets, including industrial, retail, multifamily, office, mixed-use and single-family rental properties.
3. How fast can Bridger Fund close a loan?
We can close in as little as 5–10 business days, depending on deal complexity and third-party responsiveness.
Differentiator: Our streamlined process and local relationships enable faster closings than many competitors.
4. What are your typical loan terms?
Terms range from 6 to 24 months, with interest-only payments and competitive rates based on asset and borrower profile.
5. What is your typical loan size?
We typically fund loans between $500,000 and $7 million, but can consider other sizes on a case-by-case basis.
6. Do you require personal guarantees?
Most loans are recourse, but we may offer non-recourse options depending on the sponsor, asset, and leverage.
7. What makes Bridger Fund different from other lenders?
Speed, flexibility, and creativity. Our team uses a common-sense approach and works closely with borrowers to structure deals that meet their goals.
Differentiator: We’re not just lenders—we’re partners in your success.
8. What documents are needed to apply?
Typically, a loan request summary, property financials, rent roll, borrower background, and exit strategy. Our team guides you through every step.
9. Do you lend to owner-users?
Yes, we provide bridge financing for both investors and owner-users.
10. How do I get started?
Submit a loan request through our website or contact our team directly. We’ll review your deal and issue a term sheet, often within 24–48 hours.
Summary
Bridger Fund, managed by Doug Watson and Slatt Capital, offers a unique blend of local expertise, flexible lending, and investor transparency. With a focus on quality assets, rigorous risk management, and a commitment to speed and service, Bridger Fund stands out in the crowded world of commercial real estate finance. Whether you’re an investor seeking stable returns or a borrower needing a creative solution, Bridger Fund delivers the experience and reliability you need to succeed.
