Pre-opening | Property Bridges finances the construction of 18 over-55 homes in Ratoath (Ireland) through a €4,005,654 development facility at 7.50% with a first-rank mortgage

20/08/2026 – ⏱ 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 Ratoath (County Meath, Ireland). The operation consists of a development facility, secured by a first-rank mortgage, granted to the borrower Leafend Ltd, intended to finance the construction of 18 homes in Cornmill, Ratoath, which — in accordance with the planning permission — will be sold to buyers aged over 55. 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 €4,005,654 — including capital-release costs and fees — and an interest rate of 7.50% per annum; this return reference is subject to investment risk and is not guaranteed. The term of this tranche has been set at 11 months (with a minimum term of 6 months). The construction costs of the 18 homes have been estimated at €3,492,867, and the first drawdown includes a payment of €375,000 to the borrower as a capital release on the land, valued at €1,240,000. The operation is secured by a first fixed charge over the property and a cost-overrun guarantee of €340,000 (equivalent to 10%).

Asset Description, Construction Progress and Borrower

The asset is a 1.26-acre plot less than 500 metres from the centre of Ratoath, with planning permission for 18 homes intended for people over 55, all with an A energy rating. According to the documentation, the works are progressing at a good pace: fourteen homes are more than 84% complete and the remaining four around 66%, with the surrounding works at 63%; the developer uses a show house for marketing, which is progressing satisfactorily. Ratoath is a town of more than 10,000 inhabitants located about 25 kilometres west of Dublin, with a Bus Éireann line 103 bus service.

The borrower, Leafend Ltd, has as its principal Michael Ryan, managing director of Pivotal Construction Ltd, a construction company with experience in housing development. According to the fact sheet, the developer is currently developing a similar project of 41 over-55 homes in Enfield (County Meath), of which 29 are already sold. The platform states that it has completed anti-money-laundering (AML) and know-your-customer (KYC) checks with no adverse findings, and an independent valuer has reviewed and validated the costs and construction programme.

Financial Structure, Coverage Ratios and Collateral

The main collateral of the operation is a first charge over the property, which holds planning permission for the 18 homes. According to the valuation by independent valuers, the value of the land amounts to €1,240,000, the gross development value (GDV) of the 18 completed homes to €6,980,000 and the net development value (NDV) to €6,150,000. Against the €4,005,654 facility, the operation presents a Loan to Cost (LTC) ratio of 84.6% and a Loan to Net Development Value (LTNDV) ratio of 65.1%. The repayment strategy relies on the sale of the homes, in a segment — housing for over-55s — that, according to the documentation, shows solid demand in the area.

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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