Pre-opening | Property Bridges Prepares €1,420,980 to Complete 11 Homes in Butlersbridge (County Cavan)

24/09/2026 – ⏱ 3 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

Property Bridges is preparing €1,420,980 of development finance for John Boyle Limited, to complete and sell eleven homes at Glenwood Park, Tullybuck, in Butlersbridge (County Cavan, Ireland). Any reference to return is inseparable from the corresponding risk, which is set out below.

Of that amount, €1,311,000 is the construction loan and the rest covers interest, fees and quantity surveyor monitoring. The term is twelve months from first drawdown, with staged drawdowns against external monitoring. The fact sheet does not state the interest rate, an essential figure for assessing the operation, nor the opening date, the minimum investment or an internal rating.

Asset description, construction progress and sales traction

These are eleven three-bedroom terraced houses of around 114 sqm, six at €375,000 and five at €385,000, on a site adjoining an earlier phase of twelve houses and six apartments completed by the same developer in 2008. Permission 23/60154 was granted on 30 April 2024 and expires in April 2029.

Works started in February 2026 and are certified at 65%: all eleven units are roofed with external finishes in place. Here the documentation contradicts itself several times. On how many houses are at internal fit-out stage, one section refers to the first four at 75% and another to the first seven. On timing, one estimates nine months of works remaining plus three for sales and another, six months; completion is placed in December 2026 in one passage and in the first quarter of 2027 in another. And spending to date ranges between €1,300,000 including the land and €1,350,000 of certified works, against a breakdown of €330,000 in land and €1,000,000 in construction.

No sale is recorded as formalised. Repayment depends on selling all eleven units, all eligible for the Irish Help to Buy and First Home Scheme programmes, which according to the platform widens the buyer base. Two of the eleven are also allocated to Part V, Ireland's mandatory social housing reservation, while the gross development value is calculated with all eleven at market price.

Financial structure, coverage ratios and security

The security is a first mortgage and fixed charge over the site and works in progress. The lender's valuer confirmed on 14 August a market value of €4,175,000 for the completed units, above the €3,870,000 required as a condition precedent to drawdown; after the 13.5% VAT applicable to new homes, the net value is €3,678,414. That gives an LTNDV of 38.6% and an LTC of 52.4%, although the fact sheet does not publish the total cost on which the latter is calculated. The risk summary also mentions a cost-overrun guarantee that the security schedule does not include.

The borrower's contribution amounts to €1,330,000, between land and construction. John Boyle Limited has several decades of residential development in Cavan and Fermanagh, with projects such as The Fairways and Elm Court in Belturbet, the first phase of Glenwood Park, Lakeview in Enniskillen and Lisdarn Heights, and the eleven units are Homebond registered. The documentation states that confirming compliance with pre-commencement planning conditions remains a condition precedent to drawdown, even though works began in February.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product; allocating no more than 10% of net worth to such projects is recommended. It carries risks of illiquidity and of total or partial loss of principal. It is not supervised by the CNMV or the Bank of Spain, and has no cover under Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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