Pre-opening | Property Bridges Funds €3,736,622 for Eleven Homes in Innishannon (Cork)

07/10/2026 – ⏱ 5 min

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

Property Bridges is preparing €3,736,622.43 of development finance for Innisban Investments Limited to build ten new homes and refurbish and extend the existing one, Prospect Villa, at Buckleys, Laherfineen, in Innishannon (County Cork). It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

Of that amount, €3,479,159 funds construction and the remaining €257,463, 6.9% of the total, is capitalised interest, fees and monitoring costs. The term is 21 months, with completion required 19 months from the first drawdown. On the rate, the fact sheet gives two different figures: the general table sets it at 8.0% a year and the summary refers to 8.45% "for platform lenders", without explaining the difference. That is 45 basis points worth clarifying. No opening date, minimum investment or internal rating is stated.

Asset description, construction progress and sales traction

The site is 0.79 hectares freehold, of which some 0.48 are developable, less than a kilometre from the centre of Innishannon and 25 from Cork city. There are eleven units — five two-bedroom terraces, four three-bedroom, a bungalow and the refurbished villa — of timber-frame construction, with air-to-water heat pumps and A energy ratings.

Planning permission is final (ref. 25/6888, Cork County Council, granted 8 April 2026 and valid to April 2031) and there are no enforcement files. Works began in May 2026 and at the 5 August inspection were at substructure stage. But the permission carries 49 conditions and the independent monitor has not yet seen compliance letters for several pre-commencement conditions, which remain under monitoring even though works have already started.

On sales there is nothing: no unit sold or reserved, and repayment depends entirely on future sales. The valuer notes that new-build supply in Innishannon is limited and cites recent sales of between €340,000 and €665,000; the €5,735,000 of gross development value equals some €521,000 per unit, which fits that range. The fact sheet also mentions the Part V agreement among planning risks, but does not quantify how many homes would be reserved for social housing or its effect on the value of the scheme.

Financial structure, coverage ratios and security

The valuation is a strong point: RICS Red Book, commissioned from Sherry FitzGerald Countrywide and signed by a registered valuer on 22 July 2026, with €750,000 for the land and €5,735,000 of gross development value. After deducting the Irish 13.5% VAT, net value is €5,052,863, a figure that matches to the euro. That gives a 65.2% LTGDV and a 74.0% LTNDV, both correct.

And here a relevant inconsistency appears: among the contractual covenants the fact sheet declares a maximum LTV of 72.5%, one and a half points below the 74.0% LTNDV at which the operation comes to market, without specifying the basis for that limit. Something similar happens with the LTC: it is set at 83.8%, but that percentage cannot be reproduced from the published costs — it gives 80.3% against the monitor's cost plus land, and 84.3% against the developer's budget plus land.

The margin is what most deserves attention, and the platform itself admits it: "the developer's margin over the independent net market value is reduced once the land is valued at €750,000". The figures confirm it. Adding land, development cost and capitalised finance cost, the total comes to around €4,911,000 against €5,052,863 of net value: €141,600 of headroom, 2.8%. Taking the developer's budget without the €132,114 the monitor adds for utilities, contributions, Homebond, marketing and monitoring, it rises to some €363,800, 7.2%. Either way it is a thin cushion for eleven units.

The counterweight is equity and control. The borrower contributes €950,000: unencumbered land valued at €750,000, which it has owned since 2014 and with no acquisition loan, plus the first €200,000 of works. A cost-overrun guarantee of €347,915 is added, 8.9% of development cost, with a net worth of at least €525,000 required of the guarantor. Drawdowns are released against certification by the independent monitor OCFPM, with 16 visits scheduled and a minimum of €100,000 per drawdown, and there are ten verified Homebond certificates.

Three loose ends remain. The main contractor is a subsidiary of the borrower itself, incorporated in September 2025, with no record of its own; the platform lists this among the risks. Its construction insurance expires on 14 February 2027, nine and a half months before the completion date of 30 November, and the engineer's professional indemnity cover expired on 6 September 2026, with renewal still to be evidenced. And the monitor has requested a detailed cost breakdown and a construction programme that are not recorded as delivered, while describing the 79-week schedule as demanding though feasible. The fact sheet also acknowledges the proximity of the River Bandon as a flood risk.

In the borrower's favour: it is a repeat client with two previous loans repaid in full, the O'Mahony family has close to 50 years in construction in Cork and one of the directors is a qualified quantity surveyor. The file is among the most detailed we have analysed; it is striking, by contrast, that the two attached documents belong to a different project.

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; the platform recommends investing no more than 10% of net worth in this type of project. 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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Realty Investor

Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.