New England Private Lending with Cardinal Capital Group

In the 13th episode of the Private Lending Insights Podcast, I interviewed Briana Hildt, Co-Founder and CEO of Cardinal Capital Group, to get some insights about private lending in New England, the state of the market, their lending guidelines, the company’s growth over the past few years, and nuggets about each of the different metro areas in the region. Watch the video, listen to the audio, or read the summary below.

Episode Highlights:

• Cardinal’s Strategic Focus:

  • Headquartered in Boston with additional offices in West Hartford and Madison, CT.

  • Lending exclusively in New England: Massachusetts, Connecticut, Rhode Island, New Hampshire, and Maine.

  • Strong emphasis on relationship lending and local market expertise.

  • Over $450 million in loan volume in 2024, with an average loan size of $2M.

• Loan Programs & Underwriting:

  • Offers fix & flip, ground-up construction, value-add, and bridge loans.

  • Long-term rental financing also available as a takeout strategy.

  • Loan structures include up to 90% LTC and up to 75% ARV, even for construction projects.

  • Interest reserves are commonly rolled into the loan, providing operational ease for borrowers and helping developers focus on the project rather than monthly payments.

• Borrower Experience Matters:

  • Newer investors can still qualify, albeit with lower leverage (e.g., 80% LTC, 70% ARV).

  • Credit is given for related experience (e.g., general contractors, agents).

  • Cardinal prides itself on offering flexibility and tailoring loan terms to borrower needs.

• Refinance & Equity Cash-Out Options:

  • Will fund mid-project refis and equity cash-outs—an area many lenders avoid.

  • Deep understanding of construction budgets and project progression allows Cardinal to assess risk accurately in midstream deals.

• Why Borrowers Choose Cardinal:

  • Local market knowledge and a Massachusetts-born founder help build trust in the Boston market.

  • Strong focus on relationship-based lending—many clients are long-term repeat borrowers.

  • Ability to close quickly, offer creative structures, and provide high-touch service differentiates them from traditional banks and institutional private lenders.

• Insights on New England Markets:

  • Massachusetts remains their core market, especially Boston and Western Mass.

  • Connecticut is a major expansion focus, with growing activity from Hartford to the coastal towns and areas near New York.

  • Lending in Providence, RI, and areas of New Hampshire and Maine is expanding through organic referral growth.

• Capital Structure:

  • Briana manages a private real estate fund, recently approved on the Fidelity platform.

  • Capital sources include the fund, capital market partners for loan sales, and a credit facility when needed.

Notable Quotes:

“If you treat the borrower like a real partner and remove friction like monthly payments, they can focus on building—and they’ll come back again and again.”

“We don’t want to be a nationwide corporate lender. Our strength lies in being a boutique firm with institutional execution and deep local knowledge.”

About the Guest:

Briana Hildt has a background in foreclosure services, loan brokerage, and fund management. Since founding Cardinal Capital Group around 2021, she has built a reputable and fast-growing firm by focusing on borrower success, strong underwriting, and market specialization in New England.

Visit Cardinal Capital Group’s profile to see all their guidelines and contact info. They pay us a monthly fee to be listed on our platform.