Pre-opening | Property Bridges finances the construction of 8 homes and the renovation of a bungalow in Swords, Dublin (Ireland) through a €3.36 million development loan at 7.5%

29/08/2026 – ⏱ 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 Swords, County Dublin (Ireland). The operation consists of a development loan secured by a first-rank mortgage granted to the borrowing company Mont Blanc Development Limited, intended to partially finance the acquisition of the land and the construction of eight new homes, together with the renovation of an existing bungalow, on Rathbeale Road. It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

The operation is structured as a development loan with a fund of €3,359,924 (excluding accrued interest) and an interest rate of 7.5% per annum, with a 12-month term; this return reference is subject to investment risk and is not guaranteed. Property Bridges contributes an initial amount of €1,000,000 for the acquisition of the land, purchased for €1,850,000; the borrower has contributed €850,000 to that purchase and will additionally finance the first €456,000 of the project with its own resources, with the remainder corresponding to the platform's financing. According to the documentation, since one of the existing properties will be renovated and sold before the newly built homes, it is possible that the nominal debt level of €3.36 million may not be reached in full.

Asset Description, Construction Progress and Borrower

The asset is a plot located on Rathbeale Road, in a consolidated residential area near the centre of Swords, which uses the large gardens of a 1950s bungalow to build eight new homes —one detached house, six terraced houses and one semi-detached bungalow— in addition to the renovation of the existing bungalow. The project holds full planning permission granted by An Bord Pleanála in July 2025 (ref. ABP 321902). According to the progress update, the works are around 52% complete: the two-and-a-half-storey new-build houses are at an advanced stage, pending interior finishes and landscaping, while the sale of both bungalows is already agreed. Swords is a town of more than 40,000 inhabitants located around 18 kilometres north of Dublin, next to the airport, and counts among its main employers Ryanair —whose headquarters are in the town—, Keelings Fruits and MSD Pharmaceuticals.

The borrower, Mont Blanc Development Limited, is 100% owned by Penbo Construction Limited (PCL), a company with 17 years of activity and a team with more than 20 years of experience in construction and real estate development, according to the information provided. Its recent developments of similar scale and typology include The Birches (Prosperous, Kildare), The Carriage Yard (Kildare) and Beech Avenue (Prosperous), all sold. The exit strategy relies on the sale of the homes, with the renovation and early sale of one of the existing units as a mechanism to reduce debt and risk. The platform indicates that it has completed anti-money laundering (AML) and know-your-customer (KYC) checks with no adverse findings.

Financial Structure, Coverage Ratios and Collateral

The main collateral of the operation is a first mortgage over the property —which includes the existing bungalow and full planning permission for the eight new homes—. According to the valuation by independent surveyors appointed by the platform, the value of the land amounts to €1,650,000, the gross development value (GDV) upon completion stands at €6,265,000 and the net development value (NDV) at €5,520,000. Against the development fund of €3,359,924, the operation shows a loan-to-net-development-value (LTNDV) ratio of 60.9% and a loan-to-cost (LTC) ratio of 76.5%. As reinforcement, a cost-overrun guarantee equivalent to 10% of construction costs (€250,000) is provided by Penbo Construction Limited, the borrower's parent company and the project's contractor. The use of funds and construction progress are supervised by the appointed surveyor, who also acts as project monitor.

Finally, in compliance with the regulations governing crowdfunding platforms, investors are reminded that this is a crowdfunding product and not a deposit or a guaranteed savings product, and that real estate credit operations carry specific risks, such as illiquidity, the risk of not obtaining the expected return, the possibility of dilution or the total or partial loss of principal in the event of the debtor's insolvency. This crowdfunding project is not authorised or supervised by the CNMV or the Bank of Spain, and the information provided has not been reviewed by these institutions. Likewise, the capital invested 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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