Pre-opening | Property Bridges opens a €3,510,839 facility for a 30-home development in Pallaskenry (Limerick)

25/09/2026 – ⏱ 3 min

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

Property Bridges is preparing the financing of a 30-home development in Cois Curran, Pallaskenry, some 16 kilometres west of the city of Limerick, for IPD Construction Limited. Any reference to return is inseparable from risk, which is detailed further on.

The structure is a revolving credit facility with a debt cap of €3,510,839: it first finances the fourteen homes in phase 1 and, as sales pay down the balance, the developer will be able to draw again for the sixteen homes in phase 2, always below that limit. The rate is 8% per annum and the term is 18 months, with a minimum of six. The listing does not state the opening date, the minimum investment or an internal rating.

Asset description, construction progress and sales traction

The site covers some 3.06 hectares with planning permission for 30 homes and capacity for a further 18 that are not yet authorised. According to the platform's update, the works are 43% complete overall, although site preparation is shown at only 34%, figures that are hard to reconcile. The unit-by-unit breakdown shows the first nine at the finishes and decoration stage, units 10 to 14 at internal partitioning, units 15 to 18 at the external envelope and units 19 to 30 at infrastructure works: there is also work under way in phase 2, which this facility does not yet finance. The risks section, for its part, describes the project as a greenfield development, which does not fit with that degree of progress.

No sale has been formalised, and the file itself acknowledges that the commercial risk in this area of Limerick is high. It is worth sizing the market: Pallaskenry had 610 inhabitants in the 2022 census and the Limerick Development Plan 2022-2028 provides for 62 homes in the village over the whole period, of which 30 are already allocated to this site. The valuer estimates six to eight weeks of marketing per unit and points to interest from social housing bodies in homes with an A energy rating, although the developer's plan is to sell them on the open market.

Financial structure, coverage ratios and security

The security consists of a first charge over the property and a 10% cost overrun guarantee. The gross development value of the 30 homes is put at €12,520,000 and the net value, after deducting VAT, at €11,030,837; for the fourteen homes in phase 1, the net value is €5,074,890. This gives the LTNDV of 69.2%, which compares the full cap of the facility with the net value of phase 1 alone, a prudent approach. The listing also describes the LTC as conservative, but does not publish its figure or the total cost of the project.

The land value appears with three different amounts. The table puts it at €1,380,000, the text says the developer contributes it valued at €1 million, and the valuation commentary breaks it down into €1,200,000 for the land with planning permission for 30 homes plus €180,000 attributed to the additional 18, whose development is conditional on a planning authorisation that does not yet exist. In addition to the land, the borrower contributes the first €120,000 of the works.

IPD Construction belongs to the Roche Group, with more than 30 years in residential, commercial and industrial construction. The platform itself recounts that the group ran into difficulties after the Irish financial crisis, moved its activity to Africa to develop infrastructure and hotels, and has recently returned to Ireland. Property Bridges states that its directors and employees may invest in the platform's projects on the same terms as everyone else.

Non-sophisticated investors have a pre-contractual reflection period of four calendar days in which to revoke their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product; it is recommended not to invest more than 10% of net worth in this type of project. It carries a risk of illiquidity and of total or partial loss of principal. It is not supervised by the CNMV or the Bank of Spain, and lacks the coverage of Directives 2014/49/EU and 97/9/EC. The investor may not recover the capital contributed.

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