Pre-opening | Property Bridges finances the construction of 3 homes in Loughrea (Ireland) through a €874,900 development loan at 7.50% with a first-rank mortgage

17/08/2026 – ⏱ 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 Loughrea (County Galway, Ireland). The operation consists of a development loan secured by a first-rank mortgage granted to the borrower Hickey Homes (Athenry) Limited, intended to finance the construction of three detached homes on Danesfort Road, in an established residential area of the town. 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 fund of €874,900 and an interest rate of 7.50%; this return reference is subject to investment risk and is not guaranteed. The term of this tranche has been set at 4 months. The operation is secured by a first fixed charge over the property and the three houses to be built on it.

Asset Description, Construction Progress and Borrower

The project involves the demolition of an old house and an adjoining outbuilding and the construction of three individually designed detached houses — two with a predominantly traditional design and the third with a more modern design — on Danesfort Road, Loughrea. The project holds full planning permission under reference 23/60266 from Galway County Council. According to the documentation, the works are progressing as planned: the three units are already roofed and interior fit-out is beginning; the foundation phase — which usually concentrates the greatest risk of cost overruns — is complete with no deviations. Commercially, the sale of one of the three homes is already closed and the other two will be launched to the market in the coming weeks.

The borrower, Hickey Homes (Athenry) Limited — of developer John Hickey — is a construction company with a track record in east Galway which, according to the fact sheet, has been the main contractor on housing projects in Garraí Glas (Athenry) and College View (Castlebar). It is a new client of Property Bridges, and the platform states that it has completed anti-money-laundering (AML) and know-your-customer (KYC) checks with no adverse findings. An independent valuer, who will also act as the project's monitor, has confirmed that the works can be completed within the budget presented.

Financial Structure, Coverage Ratios and Collateral

The main collateral of the operation is a first mortgage over the property, which holds full planning permission for the three homes. According to the valuation by independent valuers, the current value of the land amounts to €275,000 and the gross development value (GDV) of the three houses once completed stands at €1,515,000. Against the €874,900 development fund, the operation presents a Loan to Cost (LTC) ratio of 78.6% and a Loan to Net Development Value (LTNDV) ratio of 65.5%. The repayment strategy relies on the sale of the homes, in a market that, according to the documentation, shows a shortage of new-build housing in Loughrea and the wider Galway 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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