Company Profile

Patrick NilandPatrick B. Niland is President of First Funding, a mortgage brokerage firm that specializes in underlying mortgage loans and credit lines for cooperatives throughout the greater New York metropolitan area.

Mr. Niland has over twenty years of diversified real estate and finance experience. He has been a sponsor's representative during a conversion, a property manager, a banker, and president of his own cooperative1s board of directors. This varied background gives him a thorough understanding of the refinancing process and how it affects a cooperative. Since 1987, Mr. Niland has focused on arranging cost-effective permanent mortgage, renovation, and credit line financing for cooperative apartment buildings.

Prior to joining First Funding, Mr. Niland was Project Manager for several real estate developments in New York. His projects included the renovation and cooperative conversions of an 11-story building on the Upper East Side and a 116-unit garden apartment complex in Scarsdale, as well as the construction of a new 18-story mixed-use condominium on Madison Avenue and a new 28-story, 750,000 square foot office tower on Fifth Avenue in midtown Manhattan. He also managed, on behalf of various investor groups, an 80,000 square foot office park plus over 500.000 square feet of retail space in three suburban shopping centers. earlier in his career, Mr. Niland was a financial analyst in the Treasurers Department of Exxon Corporation where he was a member of the finance team for the TransAlaska Pipeline, and a budget analyst in the Real Estate Division of W.R. Grace & Co.

Mr. Niland holds both a BSE in Industrial Engineering and an MBA in Finance (with distinction) from the University of Michigan. He is a Licensed Real Estate Broker and a Certified Real Estate Appraiser He is a member of the Young Mortgage Bankers Association, the National Association of Housing Cooperatives, the Federation of New York Housing Cooperatives, and the Commercial Investment Division of the New York State Association of REALTORS. Re also is a Professional Subscriber of the Council of New York Cooperatives and former Co-Chairman of the Finance Committee of the Queens Co-op/Condo Task Force created by Borough President Claire Shulman.

Mr. Niland is the author of Mortgage Words and The Cooperative Refinancing Handbook (now in its fifth printing). He is a regular editor of articles on the refinancing process for Habitat Magazine and The New York Cooperator magazines. Mr. Niland lectures frequently, has appeared on several cable television programs, is often quoted in The New York Times, and serves on a variety of committees and organizations devoted to the cooperative form of housing.