Pre-opening | Property Bridges finances Phase 1 of a new residential complex in Kilmallock, Limerick: Debt for the construction of 14 homes with first-rank security

21/05/2026 – ⏱ 4 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 announces the opening of a new investment opportunity in the dynamic residential market of Ireland. The project consists of granting a Development Facility to the company Kilmallock Manor Property Developments Limited to finance the execution of Phase 1 of an exclusive residential development called Bellview, located in Glenfield, within the municipality of Kilmallock, in County Limerick.

The transaction is instrumented through a fixed-rate debt model with a total fundraising target of €3,723,391. The capital will be used entirely to cover the physical construction costs of the first 14 homes of the development. The proposal stands out for an estimated financial term of 18 months (which contemplates a 14-month construction program and an additional period for managing sales) and offers a real protection scheme through a first-rank mortgage on the asset.

Project Description and Execution Status

The underlying real estate asset sits on final-status land with a total area of 2.85 hectares covered under a single registered freehold property. The development's master plan holds definitive Planning Permission for the construction of a 28-home complex, with execution divided into two stages.

This first phase subject to financing comprises the development of 14 residential units, with a total interior built area of 1,612.72 m². The typological distribution of the properties breaks down as follows:

The project has a very high degree of administrative and technical progress. The formal Commencement Notice was duly registered with the planning authorities and on-site works began in early May. Prior geotechnical surveys have confirmed the presence of firm and compact clay soil throughout the plot, allowing the use of traditional strip-footing foundations, drastically mitigating the risks of cost overruns in the earthworks phase.

Cost Analysis and Technical Supervision

The development's budgets have been validated by an Independent Property Monitor (OCFPM), responsible for supervising the correct drawdown of funds against monthly certifications. Direct construction costs have been set at approximately €3.225 million, equivalent to a ratio per square meter of €2,134/m², a value fully aligned with the construction sector standards for the Limerick region.

The financial plan has a solid contingency structure: an additional technical reserve allocation has been added to the developer's initial fund, placing the total safety provision at 5% of construction costs. To mitigate the risks arising from material inflation or interruptions in global supply chains, the contract with the main builder has been closed under a fixed-price format, so that the construction company contractually assumes any deviation in the prices of inputs or wages.

Guarantee Structure and Asset Valuation

Property Bridges has designed a rigorous cross-guarantee scheme with the aim of ensuring repayment priority and protecting the capital of the platform's investors throughout the life of the loan:

An independent valuation carried out by the consultancy firm ERA Downey McCarthy dated 12 February 2026, under the strict international standards of the RICS Red Book, has determined that the land, free of encumbrances, has a current market value of €710,000 (excluding VAT).

Likewise, the technical report assigns a Gross Development Value (GDV) of €10,540,000 for the set of 28 homes once the scheme is completed. Based on the net delivery market value of the 14 houses corresponding to this Phase 1, the loan-to-final-value ratio (LTGDV) stands at a healthy 70.5%, offering a comfortable coverage margin.

Location, Market and Exit Strategy

Kilmallock is a consolidated urban center in the south of County Limerick that acts as a service center for its entire district. The town has complete educational and commercial infrastructure, and is excellently connected with the provincial capital and with Cork via the regional roads R512 and R515, positioning itself as a very attractive residential alternative for workers seeking single-family homes at competitive prices.

The commercial risk of the transaction is rated as low. The new-build market in the municipalities of the Limerick ring is experiencing sustained demand due to the lack of available stock and the stimulus provided by government incentives for first-time buyers, such as the national Help-to-Buy program and the First Home Scheme.

The residential units will be launched on the open market in a staggered manner as construction progresses. The estimated public sale prices —set at an average of €355,000 for the mid-terrace units and up to €395,000 for the four-bedroom semi-detached properties— are supported by the history of local market comparables. The total repayment of the Property Bridges loan will be carried out through the cash flow generated at the moment of the formalization of the public purchase deeds of the residential units, with the completion of payments to investors estimated for mid-2027.

The Operator: Kilpep and DGN Curragh Developments

The management of the development is led by the vehicle company Kilmallock Manor Property Developments Limited, whose executives accumulate a track record of more than two decades in the Irish development market. For the physical execution of the homes, the firm DGN Curragh Developments Limited has been appointed as main contractor, an operator with extensive experience in delivering residential projects, commercial spaces and student accommodation in the southwest of the country.

This construction company has already previously collaborated on works supervised by the technical monitor OCFPM —such as the Woodfield Manor residential development in Newcastle West— completing the works under demanding quality standards and with strict compliance with the assigned execution budget. This shared experience and reliability between the parties adds a solid layer of confidence to the operational viability of the development.

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