Pre-opening | Property Bridges finances Phase 1 of a 14-home development in Kilmallock (Ireland) through a €3,723,391 development facility with a first-rank mortgage

24/08/2026 – ⏱ 3 min

This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.

The crowdfunding platform Property Bridges is preparing to launch a real estate investment opportunity in Kilmallock (County Limerick, Ireland). The operation consists of a development facility, secured by a first-rank mortgage, granted to the borrower Kilmallock Manor Property Developments Limited, intended to finance the construction of 14 homes in Bellview, Glenfield, corresponding to Phase 1 of a larger residential project of 28 homes. It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

The call sets a development facility of €3,723,391 and a term of 15 months (a 14-month construction programme plus the sales period). The operation is secured by a first fixed charge over the property (Folio LK76694F) and the assignment of the insurance and benefits of the project's main contracts.

Asset Description, Construction Progress and Borrower

The asset is a 2.85-hectare plot in Bellview, Glenfield, Kilmallock, with full planning permission (Ref. 23/26, valid until 28 January 2029) for 28 homes. This Phase 1 comprises 14 units — four three-bedroom terraced houses and ten four-bedroom semi-detached homes — with a total gross internal floor area of 1,612.72 square metres. According to the documentation, construction began in May 2026, shows progress of approximately 40% and is expected to be completed in July 2027 (a 14-month programme). Ground investigation works confirm favourable conditions (firm clay, suitable for traditional foundations) and the site is outside any flood-risk zone.

The borrower, Kilmallock Manor Property Developments Limited, is a special-purpose vehicle incorporated in December 2025, based in Newcastle West (Limerick), which also acts as the project's manager; it has appointed DGN Curragh Developments Limited as the main contractor, with prior experience in projects such as Woodfield Manor (Newcastle West). An independent property monitoring body (OCFPM) has reviewed the budget and construction programme, and the platform states that it has completed anti-money-laundering (AML) and know-your-customer (KYC) checks with no adverse findings. The documentation notes that several pre-commencement planning conditions remain outstanding, which are being worked on.

Financial Structure, Coverage Ratios and Collateral

The main collateral of the operation is a first charge over the land, free of encumbrances, independently valued by ERA Downey McCarthy (RICS) at €710,000 (excluding VAT, as of 12 February 2026). The gross development value (GDV) of the full 28-home project amounts to €10,540,000, while the net development value (NDV) of the 14 Phase 1 homes stands at €5,280,000. Against the €3,723,391 development facility, the operation presents a Loan to Gross Development Value (LTGDV) for Phase 1 of 70.5%. The total construction costs, of approximately €3,225,000 (€2,134/sqm), have been independently reviewed by the monitor and considered in line with similar projects in Limerick. The repayment strategy relies on the sale of the homes on the open market, in an environment of solid demand in County Limerick, supported by the Help-to-Buy and First Home Scheme programmes.

In compliance with European crowdfunding regulations, it is recalled that non-sophisticated investors have a pre-contractual reflection period of four calendar days during which they may withdraw their investment offer without justification or penalty. This is a crowdfunding product and not a deposit or a guaranteed savings product. Real estate investments carry risks of illiquidity and total or partial loss of principal; this project is not supervised by the CNMV or the Bank of Spain, and is not covered by the deposit guarantee scheme (Directive 2014/49/EU) or the investor compensation scheme (Directive 97/9/EC).

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