Who We Are

PREP’s experienced leadership team combines over 30 years of expertise in mortgage lending, secondary market compliance, real estate law and finance.

Managing client risk is our business.

Meet Our Team

W. Patrick Connolly

Principal, Chief Risk and Compliance Officer

With a project risk career spanning more than 30 years, Patrick has experienced first-hand what a lack of attention to detail can yield from a loan performance perspective.  Overzealous application of fluctuating guideline benchmarks has, from time to time, been unkind to the mortgage industry.  Patrick began his mortgage banking career in 1990 as a Real Estate Owned (REO) Liquidator, re-selling the foreclosed Cooperative Loans of a large regional thrift.  From this experience, where borrowers were mailing the keys to their homes to the bank on a weekly basis, through and beyond one of the worst periods in the history of the real estate industry, Patrick was at the forefront of the solution.  Driven by a steadfast belief that you had to truly understand the risk before you could ever hope to manage it, Patrick saw his approach to risk management forged by these experiences.

Prior to launching Project Risk Evaluation Partners with partner Stuart Nahas, Patrick was a Senior Risk Manager with Fannie Mae.  During his tenure, Patrick was involved in all aspects of policy support and operational processes pertaining to the risk and eligibility evaluation of condominiums, cooperatives, and planned unit developments working to ensure lender compliance with Fannie Mae’s eligibility policies.  Prior to Fannie Mae, Patrick held project risk management positions with some of the largest lenders in the country.  Throughout his career, Patrick’s philosophy has never changed, be honest and forthright about the risk and never compromise your integrity.

Patrick believes strongly that managing risk is about more than reading guidelines; it’s about experience!  It is the breadth of experience that his long career has provided that created the belief that it can, and should, be done better.  Understanding risk, and providing actionable intelligence upon which a client can base sound lending decisions, is of critical importance.

Patrick’s experiences have yielded a skill set uniquely suited to managing client risk in the condominium and cooperative eligibility space.

Stuart E. Nahas

Principal, General Counsel and Operations

After practicing residential real estate for over 30 years primarily in the New York City market representing purchasers, sellers, lenders, condominium, and cooperative boards, when presented with the opportunity to improve an aspect of the lending process, Stuart did not hesitate.  With New York City having the highest concentration of condominium developments and being the birthplace of the cooperative concept, Stuart’s understanding of the condo and coop market is vast, and experience based.

Stuart’s career as a residential real estate attorney provides a practical understanding of the importance of project risk analysis in all aspects affecting condominiums and cooperative units.  As partner for over 27 years at a firm that has specialized in the New York/Tri-state residential real estate market, Stuart brings to PREP management and organizational skills that insure seamless company operations and growth.

Stuart Nahas, Esq. is a New York City based attorney with a firm that has practiced real estate law and real estate finance in the heart of New York City for over 80 years. His primary focus is real estate, corporate and commercial law. Stuart has represented thousands of clients, personal and corporate, in real estate transactions and also represents numerous condominium and cooperative corporation boards addressing their real estate, financial and corporate concerns. Stuart is a graduate of Colgate University and Pepperdine University School of Law.