Issuu

THE DEAL DESK QUARTER 2 2026

4 CLARENDON STREET, BOSTON, MA 02116

617-271-2326

WELCOME TO THE DEAL DESK Q2 2026

TABLE OF CONTENTS LETTER FROM LEADERSHIP

INSIDE CARDINAL

BEHIND THE DEAL

BORROWER RESOURCES

INVESTOR INSIGHTS

This publication brings together the market insights, financing strategies, and real-world deal experience that drive our conversations every day. The Deal Desk offers a closer look at what we’re seeing in the market and how it impacts borrowers, developers, and investors. Every issue will feature timely observations, recent deal highlights, and practical takeaways from the financing landscape. Thank you for being part of the Cardinal community. We look forward to sharing what we’re seeing from the front lines of commercial real estate finance.

LETTER FROM LEADERSHIP As we move through another busy year at Cardinal, one thing continues to stand out to me: the incredible projects our clients are bringing to life. Every week our team has a front row seat to new developments breaking ground, neighborhoods being transformed, businesses expanding, and creative solutions coming together to get complex deals across the finish line. It is one of the most rewarding parts of what we do. This publication was created as a way to stay connected with all of you beyond the closing table. Through The Deal Desk, we hope to share some of the market trends, financing insights, and lessons we’re seeing every day across our platform that may help you navigate your next project or opportunity. This year has also been a meaningful milestone for our team as we celebrated Cardinal Capital Group’s 5-year anniversary and surpassed $2 billion in funded loans. While we are proud of that achievement, what matters most to us are the relationships behind those numbers and the trust our borrowers, brokers, investors, and partners place in us every day. I’m continually impressed by the quality of projects being built throughout our markets and grateful for the opportunity to play a small part in helping bring them to life. Thank you for being part of the Cardinal community. We look forward to staying connected, sharing ideas, and continuing to help move great projects forward.

BRIANA MALKOON FOUNDER & CEO

QUARTER AT A GLANCE

CELEBRATING FIVE YEARS

AWARDS & RECOGNITION

CARDINAL CARES

$2 BILLION AND GROWING

FROM A SINGLE FOUNDER’S VISION TO A NATIONALLY RECOGNIZED PRIVATE LENDER

CELEBRATING SEVERAL MEANINGFUL ACHIEVEMENTS

JUNE GOLF TOURNAMENT, a memorable day of golf and giving.

TEAM SPOTLIGHT NEW FACES AT CARDINAL

QUARTER 2

INSIDE CARDINAL

QUARTER AT A GLANCE $2 BILLION AND GROWING For more than five years, Cardinal Capital Group has helped investors, developers, and business owners move projects forward with speed, certainty, and trusted financing solutions. From fix and flips to new construction and bridge lending, we are proud to be a lending partner behind transformative real estate projects across the east coast. Built on relationships, experience, and execution, our team is committed to delivering a seamless lending experience and helping clients capitalize on opportunity with confidence. Thank you to the borrowers, brokers, investors, and partners who continue to place their trust in Cardinal Capital Group.

CELEBRATING A MILESTONE

FUNDED

$2,940,000

$610,000

8 $1,840,000

$1,600,000

DENNIS, MA

ANDOVER, MA

RICHMOND, RI

NEW MILFORD, CT

FEATURED PROJECT FUNDED

$7,750,000

SALISBURY, MASSACHUSETTS

ALYSSA WALKO PORTFOLIO MANAGER

11 RESIDENCES, JUST STEPS FROM THE BEACH We recently completed the refinance of a weathertight 11-unit condominium project in Salisbury, Massachusetts, providing additional interest reserves to extend the project’s runway through the remaining condo sellout process. Construction financing doesn’t end when the building is complete. The final phase of a successful development often depends on having the flexibility to align financing with market conditions and sales velocity. The difference between a good outcome and a great one is working with a capital partner that understands timing, strategy, and execution, not just loan maturity dates. By structuring financing around the realities of the project, we’re able to help experienced developers maximize value and reach the finish line with confidence.

CELEBRATING 5 YEARS Cardinal Capital Group has gone from a single founder’s vision to a nationally recognized private lender, funding over $2 billion in loans, opening offices across New England, and earning a place among the industry’s top names. This is how we got here.

2024 2022 2021

JULY 2024 Hit $1 Billion in funded loans DECEMBER 2022 Surpassed $650M in funded loans

APRIL 2021 Briana Malkoon, founded Cardinal Capital Group

Opened up the Boston Office JANUARY — DECEMBER 2022 Team grew from 4 to 10 employees

JUNE 2021 Briana Malkoon is nominated for the Future is Bright Award. This nomination recognizes young professionals in the private money lending space

NOVEMBER 2024

2026

FEBRUARY 2026 CCG Fund 1 is included in the BarclayHedge Database

2025 MARCH 2026 Briana Malkoon named Inc. Female 500 Founders AUGUST 2025 Officially opened the doors to their new Madison, Connecticut office APRIL 2026 SEPTEMBER 2025

Celebrated five years

Named to the 2025 Inc. 5000 MAY 2026 Surpassed $2B in funded loans JULY — OCTOBER 2025 Raised $160,000 across two Charity Golf Tournaments, benefiting Connecticut Children’s Hospital and Boston Children’s Hospital

JUNE 2026 Recognized in the 2026 Scotsman Guide Top Private Lenders rankings

NOVEMBER 2025 Briana Malkoon walked away with Gold for Best Female

JUNE 2026

Entrepreneur at the Stevie Awards

Hosted their third Charity Golf Tournament, raising over $126,700 in support of children’s care

NOVEMBER 2025 Closed its inaugural RTL securitization

JANUARY — JULY 2026 Team grew to 40 employees

AWARDS & RECOGNITION This quarter, Cardinal Capital Group is proud to celebrate several meaningful achievements that reflect our continued growth, strong performance, and commitment to excellence. These recognitions highlight the dedication of our team and the trust of our investors and partners, inspiring us to continue delivering exceptional results.

BARCLAY HEDGE Cardinal Capital Group is proud to have been recognized by BarclayHedge as a Top 10 Fixed Income – Asset-Backed Loans Fund for 2025, ranked by net return. This recognition reflects our disciplined investment strategy, commitment to strong performance, and dedication to delivering value for our investors. We are grateful to our team, partners, and investors whose trust and support make achievements like this possible.

INC. FEMALE FOUNDERS 500 RECOGNIZES CARDINAL CAPITAL GROUP FOUNDER & CEO BRIANA MALKOON Inc. Female Founders 500 recognizes entrepreneurs who are building innovative companies, driving growth, and creating meaningful impact across industries. Cardinal Capital Group is proud to celebrate Founder and CEO Briana Malkoon’s inclusion on this prestigious list, honoring her leadership and the continued growth of Cardinal Capital Group. The recognition highlights founders who are shaping the future of business through vision, resilience, and a commitment to building companies that make an impact. Briana’s inclusion reflects not only her accomplishments as an entrepreneur but also the strength of the team and culture built at Cardinal.

CARDINAL CAPITAL GROUP RANKED A TOP PRIVATE LENDER IN THE NATION BY SCOTSMAN GUIDE Ranked #18 nationally, Cardinal Capital Group was recognized among the highestproducing private lending companies in the United States based on verified lending volume and production data. As a private lender serving Massachusetts and the broader New England market, this recognition reflects our continued commitment to helping real estate investors, developers, and builders access dependable capital when they need it most.

BarclayHedge named CCG Fund 1, LLC a Top 10 Fixed Income – Asset-Backed Loans fund for 2025 by net return, from annual performance funds reporting for 2025. Based on data self-reported by the Fund and not independently verified. No compensation was paid for this ranking. Scotsman Guide ranked Cardinal #18 among U.S. private lenders for 2026 by verified loan volume. Rankings are not a recommendation to invest and do not predict future results.

CARDINAL CARES GOLF TOURNAMENT – JUNE 2026 Our June 2026 Cardinal Cares Golf Tournament was a tremendous success, bringing together sponsors, golfers, donors, volunteers, and supporters for a memorable day of golf and giving. Thanks to the generosity of our community, the event raised meaningful funds to support children and families facing serious medical challenges. We are sincerely grateful to everyone who helped make the tournament such a success. Interested in our Fall Golf Tournament? Visit cardinalcaresinc.com for announcements and updates.

RAISED

$126,700 FOR CHILDREN ’S HOSPITALS

NEW FACES AT CARDINAL Cardinal Capital Group celebrates the newest additions to its team, recognizing the talent, experience, and diverse backgrounds that continue to shape our organization. These individuals bring valuable expertise across multiple disciplines, helping to support our growth and strengthen our platform. We are proud to highlight the people behind our work and the impact they make each day.

JOSEPH DIAS - FUND CONTROLLER Joseph Dias brings more than 20 years of financial expertise to the private lending industry, with a background spanning public accounting and executive leadership at one of New England’s largest mutual banks. As Fund Controller at Cardinal Capital Group, he oversees financial reporting for the fund and its management company, ensuring accuracy, transparency, and audit-ready financials. Joe also leads accounting oversight, third-party audits, and compliance reviews, helping maintain the highest standards of financial integrity. His experience and disciplined approach play a key role in supporting the firm’s continued growth and success.

ASHLEY BASTIEN - LOAN ASSOCIATE Ashley Bastien brings more than a decade of experience in banking and lending to her role as Loan Processor at Cardinal Capital Group. Her career includes a range of roles in financial services, including serving as a Deputy Tax Collector in Connecticut, where she gained experience with property taxes, liens, and real estate records. With a background in mortgage, home equity, and consumer lending, she has worked closely with borrowers, attorneys, and financial institutions throughout complex transactions. Ashley’s attention to detail and client-focused approach help ensure a smooth and efficient lending experience for borrowers.

MICHAEL DILASCIA - TRADING ANALYST Michael DiLascia brings a background in engineering, construction, commercial real estate, and private lending. Prior to joining Cardinal Capital Group, he served as a commercial real estate project manager in Connecticut, where he developed handson experience in construction and development. He holds a Bachelor of Science in Mechanical Engineering, cum laude, from The University of Alabama and is a certified member of the Order of the Engineer, having passed the FE Exam. At Cardinal Capital Group, Michael supports underwriting and capital markets by evaluating real estate debt investments and applying a technical perspective to project feasibility and construction risk.

BUILT ON CONNECTION As we look ahead, Cardinal Capital Group is excited to build on the momentum of this quarter by expanding our presence at industry conferences, strengthening existing relationships, and creating new opportunities to connect with investors and partners. We look forward to attending FORTRA Newport Beach 2026 and the AAPL Annual 2026 Conference, where we will continue to share our expertise, strengthen relationships, and advance our mission. With a strong foundation and an exciting pipeline of opportunities, we remain focused on delivering exceptional value and driving continued growth throughout the year.

WA ME

OR ID

WY NV CA

NE UT

IL CO

MA CT

NJ DE MD DC

AR MS

LA FL

THE MARKETS DEVELOPERS ARE FINDING OPPORTUNITIES

THE REAL ADVANTAGE IN TODAY’S LENDING MARKET

AND EXECUTING ACROSS GREATER BOSTON

SPEED ALONE ISN’T WHAT’S WINNING DEALS ANYMORE.

QUARTER 2

BEHIND THE DEAL

GREATER BOSTON | MULTIFAMILY | DEVELOPMENT

THE MARKETS DEVELOPERS ARE FINDING OPPORTUNITIES AND EXECUTING ACROSS GREATER BOSTON ALYSSA WALKO PORTFOLIO MANAGER

CAMBRIDGE CONTINUES TO STAND OUT AS ONE OF THE MOST COMPETITIVE MARKETS IN GREATER BOSTON. High demand, limited supply, and a development process that requires precision from the start. It’s not a market that forgives slow capital or inflexible lenders.

DENSITY IS DRIVING DEVELOPMENT What I’m seeing is a strong push toward multifamily development where zoning allows for added density. Projects are more complex, and execution matters more than ever.

COMPLEXITY COMES WITH THE MARKET Zoning, approvals, and community oversight create constant friction on these deals. Capital that can’t adjust to these realities puts pressure on the entire project.

LOCAL EXPERTISE MAKES THE DIFFERENCE We underwrite beyond the numbers, focusing on the full business plan and execution strategy. With offices and deep expertise across New England, we bring local market insight to every deal.

THE DEAL DOESN’T END AT CLOSING We structure deals to account for timing, complexity, and potential shifts along the way. We stay engaged throughout the lifecycle, not just at closing.

DEAL STRUCTURING | ACQUISITION FINANCING

THE REAL ADVANTAGE IN TODAY’S LENDING MARKET ROBERT SCHUNDER SENIOR PORTFOLIO MANAGER

SPEED ALONE ISN’T WHAT’S WINNING DEALS ANYMORE. The investors gaining an edge are the ones using creative financing structures and unlocking existing equity when timing matters most. A recent example illustrates the shift. A developer needed approximately $1.5 million in funding within five days to acquire a commercial property. Rather than pursuing a traditional acquisition loan, we leveraged the strong equity in a single-family property already in the client’s portfolio. The deal was underwritten the same day, documents were completed within 48 hours, funding was delivered on Thursday, and the client was able to close as a cash buyer on Friday. That’s the difference in today’s market. Creative execution gives buyers a competitive advantage, strengthens offers, and builds credibility with sellers, agents, and attorneys. The investors who consistently solve problems and close smoothly are often the first to hear about the next opportunity.

CREATE AN EDGE SPEED IS TABLE STAKES Everyone can move quickly. The real advantage comes from creative execution.

YOUR EQUITY IS WORKING CAPITAL The assets you already own may be the key to funding your next acquisition.

EXECUTION BUILDS REPUTATION Smooth closings create trust. Agents remember them. Sellers notice them. Strong execution leads to more opportunities.

4 COSTLY MISTAKES TO AVOID

LENDING SOLUTIONS

4 MUST HAVES

BEFORE CONSTRUCTION BEGINS

FOR EVERY STAGE OF THE INVESTMENT LIFECYCLE

TO GET YOUR DEAL CLOSED

03 QUARTER 2

BORROWER RESOURCES

Loans are made by CCG Fund 1, LLC and Cardinal Capital Group Inc. for business or commercial purposes only, secured by nonowner-occupied investment property. Subject to underwriting and approval. Not a commitment to lend. See back page.

COSTLY MISTAKES TO AVOID

BEFORE CONSTRUCTION BEGINS

BORROWER RESOURCES | DEAL PREP

UNDERESTIMATING PROJECT COSTS

WAITING TOO LONG TO SECURE FINANCING

NOT PLANNING YOUR EXIT STRATEGY

Failing to account for contingencies, rising material costs, or unexpected expenses can quickly put a project over budget.

Having financing lined up before you need it can help you move quickly and stay competitive when opportunities arise.

Know whether you’re planning to sell or hold the property before the project begins. Your financing strategy should support that goal.

OVERLOOKING PERMITTING AND TIMELINE RISKS Permitting delays, inspections, and local regulations can significantly impact your timeline if they’re not factored into the plan.

THE BOTTOM LINE The strongest projects are built on solid planning. Addressing these factors before construction begins can help keep your project on schedule and on budget.

OUR PRODUCTS | STRATEGIC CAPITAL | ACQUISITION TO EXIT

LENDING SOLUTIONS

FOR EVERY STAGE OF THE INVESTMENT LIFECYCLE

FIX & FLIP 12–18 month financing for value-add rehabs, built for investors focused on efficient execution and timely exits. Rates starting at 8% (Fix and Flip)

Interest as disbursed

Up to 90% LTC Loans from $200K–$20M

NEW CONSTRUCTION 12–24 month financing for ground-up or redevelopment projects, from acquisition through completion. Rates starting at 8% (Ground Up Construction)

Up to 90% LTC

Interest as disbursed

Up to 75% LTARV

Quick & Easy Draws

CASH-OUT REFINANCE Access liquidity from stabilized or recently completed assets through bridge or DSCR options to unlock equity for your next investment. Rates starting at 8% (Bridge) & 6% (DSCR) Fast, flexible closings

UP TO 80% LTARV (Bridge)

Long-Term Options

No prepayment penalty (Bridge)

HAVE A DEAL IN MIND? THE SOONER YOU SHARE THE DETAILS, THE SOONER WE CAN TELL YOU WHAT’S POSSIBLE.

Loans are made by CCG Fund 1, LLC and Cardinal Capital Group Inc. for business or commercial purposes only, secured by non-owner-occupied investment property. Subject to underwriting and approval. Not a commitment to lend. See back page.

MUST HAVES TO GET YOUR DEAL CLOSED

BORROWER RESOURCES | DEAL PREP

CLEAR PROJECT PLAN

ESTABLISHED BORROWING ENTITY

BORROWER DOCS READY

SOURCING FUNDS

A defined scope, timeline, and budget, along with a clear exit strategy, gives lenders confidence in execution.

Your entity should be fully formed with all documentation organized and ready to go.

Financials, track record, and core documents should be easily accessible and complete.

Be prepared to clearly show your liquidity and where closing capital is coming from.

HAVE A DEAL IN MIND? THE SOONER YOU SHARE THE DETAILS, THE SOONER WE CAN TELL YOU WHAT’S POSSIBLE.

PRIVATE CREDIT IS GROWING FAST

THE FINANCING GAP

BUT NOT EVERY FUND IS BUILT THE SAME.

WHERE PRIVATE LENDERS ARE STEPPING IN

QUARTER 2

INVESTOR INSIGHTS This is not an offer to sell or a solicitation of an offer to buy securities. Interests in CCG Fund 1, LLC are offered only by the Private Placement Memorandum, to verified accredited investors. Investing involves risk, including loss of principal, and is illiquid. Past performance does not predict future results. See back page.

INVESTOR INSIGHT | CCG FUND 1 | PRIVATE CREDIT

PRIVATE CREDIT IS GROWING FAST.

BUT NOT EVERY FUND IS BUILT THE SAME. JOHN COURY DIRECTOR OF INVESTOR RELATIONS

BEFORE INVESTING, ASK... “WHAT IS ACTUALLY BACKING MY INVESTMENT?” CCG Fund 1 focuses on loans backed by residential real estate.

“WHERE DOES THE LENDER SIT IN THE DEAL?” We structure first position loans, secured directly against the property.

“HOW MUCH EQUITY DOES THE BORROWER HAVE INVESTED?” We make sure the borrower has meaningful equity in every loan.

“CAN I CLEARLY UNDERSTAND WHERE MY CAPITAL IS GOING?” Transparency, audited reporting, and active oversight are central to our approach.

In private credit, returns matter. But structure, collateral, and risk management matter too. That is the foundation behind CCG Fund 1.

FINANCING INSIGHT | PRIVATE LENDERS

THE FINANCING GAP WHERE PRIVATE LENDERS ARE STEPPING IN

FRANK AMATO DIRECTOR OF SALES

THE FINANCING GAP IS GROWING. As banks tighten lending standards, more developers are turning to private capital. Borrowers are facing slower approvals, more red tape, less flexibility, and stricter underwriting.

PROJECTS MOST AFFECTED Ground-up construction, value-add opportunities, and transitional assets often fall outside traditional lending guidelines.

WHY PRIVATE CAPITAL IS FILLING THE GAP Cardinal Capital focuses on the asset, business plan, and borrower experience, allowing for faster decisions and greater certainty.

A GROWING TREND More developers are seeking mid-construction refinancing solutions to overcome delays, cost overruns, and loan maturities.

THE BOTTOM LINE Today’s developers need more than capital. They need a lending partner that can move quickly, adapt when challenges arise, and help keep projects moving forward.

DISCLOSURES © 2026 Cardinal Capital Group Inc. Loans are made by CCG Fund 1, LLC and Cardinal Capital Group Inc. (“Cardinal”) in Massachusetts, Connecticut, Rhode Island, New Hampshire, Vermont, Maine, North Carolina, South Carolina, Florida. Loans are for business or commercial purposes only and must be secured by non-owner-occupied investment property. Cardinal does not make loans for personal, family, or household purposes. All financing is subject to underwriting, credit, and property approval. Rates, fees, and terms may change without notice. Nothing here is a commitment to lend. Transactions shown are historical examples and do not represent terms currently available.

Not an offer. This is not an offer to sell or a solicitation of an offer to buy any security. Interests in CCG Fund 1, LLC (the “Fund”), a Massachusetts limited liability company managed by Cardinal Capital Group Inc., are offered only by the Fund’s Private Placement Memorandum, Operating Agreement, and Subscription Agreement (the “Offering Documents”), which supersede these materials. Read them in full, including “Risk Factors,” and consult your own advisors before investing. Eligibility. Interests are offered under Rule 506(c) of Regulation D and sold only to accredited investors whose status has been verified. Interests are not registered under federal or state securities laws and are subject to transfer restrictions. No securities regulator has approved these interests or passed on these materials; any contrary representation is a criminal offense. This is not an offer where unlawful. Risk. Investing involves substantial risk, including loss of principal, and is illiquid. Withdrawals are limited and redemption is at the manager’s discretion. Distributions and any preferred return are not guaranteed. There is no public market for the interests. Performance. Past performance does not predict future results. Loan examples, case studies, and awards were selected by Cardinal, are illustrative, and do not represent the Fund’s portfolio or returns. Forward-looking statements. Statements using words such as “targets,” “expects,” “intends,” “projects,” “anticipates,” or “plans” reflect Cardinal’s views as of this date and involve risks and uncertainties; actual results may differ materially. See “Risk Factors” in the Private Placement Memorandum. Cardinal undertakes no obligation to update them. Confidential. For the recipient only. Do not reproduce or redistribute without Cardinal’s written consent.

CCGLOANS.COM 978-662-9911