Design–build–finance–operate transactions are a project delivery method very similar to BOOT, except that there is no actual ownership transfer. Moreover, the contractor assumes the risk of financing till the end of the contract period. The owner then assumes the responsibility for maintenance and operation. Some disadvantages of the DBFO model are the difficulty with long-term relationships and the threat of possible future political changes, which may not agree with prior commitments. This model is used extensively in specific infrastructure projects such as toll roads. The private construction company is responsible for the design and construction of a piece of infrastructure for the government, which is the true owner.
Moreover, the private entity has the responsibility to raise financing during the construction and the exploitation period. The cash flows serve to repay the investment and reward its shareholders. The government has the advantage that it remains the owner of the facility and, at the same time, avoids direct payment from the users. Additionally, the government succeeds in avoiding debt and spreads out the cost of the road over the years of exploitation.