New York's Cooperative and Condominium Community

Habitat Magazine Insider Guide



All About Co-op/Condo Borrowing

Pat Niland


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Pat Niland
First Funding of New York
(800) 777-4422

Mr. Niland has over 45 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 cooperative's board of directors.  This varied background gives him a thorough understanding of the financing process and how it affects a cooperative or condominium.  Since 1987, Mr. Niland has focused on arranging cost-effective underlying mortgage, capital improvement, and credit line financing for cooperative and condominium apartment properties.  Every transaction receives his personal attention from start to closing.

Prior to founding First Funding, Mr. Niland was a 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 Trans Alaska Pipeline, then 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 also is a Professional Subscriber of the Council of New York Cooperatives and was Co-Chairman of the Finance Committee of the Queens Co-op/Condo Task Force created by former Borough President Claire Shulman.

Finance Introduction
A board wants to refinance their underlying mortgage loan.  What’s their first step?
What are the three biggest obstacles to a successful refinancing?
What makes a building “loan worthy”?
Shouldn’t every co-op get a credit line?
When should a co-op get an interest-only loan?
What about self-liquidating loans?
Can smaller buildings get a loan?
How does a board know if a deal is real?
What about letting the building’s attorney, accountant, or managing agent arrange the new loan?
What does it cost to refinance an underlying mortgage loan?
Is there financing for Climate Mobilization Act projects?
Can condominiums borrow for capital improvements?