Pre-opening | Property Bridges finances a €1,191,640 bridge loan secured on three properties in Killarney (Ireland) with a first-rank mortgage

11/08/2026 – ⏱ 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 Killarney (County Kerry, Ireland). The operation consists of a bridge loan secured by a first-rank mortgage granted to the borrower Boocon Company Limited, over a portfolio of three residential and mixed-use properties located in Killarney. The funds are intended for the refinancing and acquisition of the assets and to finance the pending refurbishments. It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

The call sets a total financing amount of €1,191,640 and a term of 18 months, with quarterly interest payments and full interest accrual from day one. According to the documentation, the annual interest amounts to €107,000, against projected rental income once the works are complete of €153,000 per annum, providing an interest coverage of approximately 1.52 times. The amount is distributed as €350,000 against 1 Chapel Lane (refinancing of renovation funds), €200,000 against The Railway Lodge (capital release) and €608,000 against 16 New Street (€500,000 for the acquisition and €108,000 for the refurbishment), plus €33,640 in costs and fees.

Asset Description, Works Status and Borrower

The portfolio comprises three properties in or near the centre of Killarney. The first, at 1 Chapel Lane, is a four-bedroom terraced house currently undergoing renovation, with a market value of €400,000 and projected rent of €30,000 per annum. The second, The Railway Lodge (12 Fair Hill Cottages), is a seven-room terraced dwelling — a five-bedroom house and a two-bedroom duplex — currently let for €48,000 per annum, with a market value of €600,000. The third, 16 New Street, is a four-storey mixed-use building — a ground-floor commercial unit and three two-bedroom apartments — in the process of acquisition for €680,000, requiring a minor refurbishment (€108,000) and with a post-refurbishment value estimated at €880,000.

The borrower, Boocon Company Limited, is owned in equal parts by Conall White and Aisling Fallon, both real estate professionals with prior experience who, according to the fact sheet, have already acquired and renovated two properties in Killarney with their own capital. The company contributes approximately €530,000 of capital to the operation. The platform states that it has completed anti-money-laundering (AML) and know-your-customer (KYC) checks on the borrower and related parties with no adverse findings. The refurbishment of 16 New Street is expected to take around 3 months after purchase, with a lag of 4 to 5 months until full rental income is received which, according to the documentation, can be covered by the income from The Railway Lodge.

Financial Structure, Coverage Ratios and Collateral

The operation is secured by a first mortgage over the three properties, whose combined post-refurbishment security value amounts to €1,880,000, against the total loan amount of €1,191,640, resulting in a combined Loan to Value (LTV) of 63.4% and an LTC of 73%. The three properties were independently valued by Sherry FitzGerald Countrywide Limited (certified under the RICS/IRL VS3 standard). The repayment strategy relies on rental income and the value of the portfolio; the borrower also plans to submit a planning application for an additional development at The Railway Lodge.

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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