Pre-opening | Property Bridges finances the construction of 28 homes in Bettystown (Ireland) through a €4,822,808 development facility at 7.50% with a first-rank mortgage

23/08/2026 – ⏱ 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 Bettystown (County Meath, Ireland). The operation consists of a development facility, secured by a first-rank mortgage, granted to the borrower Kilpep Developments Limited, intended to finance the construction of 28 homes on Ardmore Avenue, which are expected to be sold as affordable housing to an approved housing body. 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 €4,822,808 and an interest rate of 7.50% per annum; this return reference is subject to investment risk and is not guaranteed. The term has been set at 10 months (with a minimum term of 6 months). The operation is secured by a first fixed charge over the property, a bond and a guarantee over the borrower's shares, and a 10% cost-overrun guarantee.

Asset Description, Construction Progress and Borrower

The asset is a 0.93-hectare (2.3-acre) plot located about 1.5 kilometres from the centre of Bettystown, in an established development, with planning permission (Ref. LB 19/0215) for 38 homes — two one-bedroom, twenty-two two-bedroom and fourteen three-bedroom — built with the ICF system and with an A2 energy rating. This operation finances the first 28 units and does not include the remaining 10. According to the documentation, the works are advanced: 10 units (Block A) are more than 95% complete, blocks C, D and E have completed substructures with external walls in progress, and blocks F and G have completed substructures; site works and services have also been completed. The borrower acquired the land with its own capital and has financed works carried out of close to €2 million, of which approximately €1 million remains as an additional capital contribution.

The borrower, Kilpep Developments Limited, has, according to the fact sheet, more than 20 years of experience in the construction sector and currently delivers around 20 homes a month to the social and affordable housing sector, with projects such as Old Course (Mallow), Kinnegad (Westmeath) or Newbridge (Kildare). 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 works 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 38 homes. According to the valuation by independent valuers, the value of the land amounts to €1,330,000, the gross development value (GDV) of the 28 completed homes stands at around €10,350,000 and their net development value (NDV) at €9,038,305. Against the €4,822,808 facility, the operation presents a Loan to Net Development Value (LTNDV) ratio of 53%, with a total borrowing requirement equivalent to approximately 55% of the total project cost. The repayment strategy relies on the sale of the homes, mainly as affordable housing to an approved housing body, with negotiations that, according to the documentation, are at an advanced stage.

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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