Campaign Closing Report | Property Bridges Completes the €1,800,000 Raise for the Bridging Loan over Two Period Houses in Dalkey (Dublin)

18/09/2026 – ⏱ 3 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

Property Bridges has issued the closing report for the bridging loan secured on two adjoining period houses at Fortlawns, Dalkey, in south Dublin. The borrower is Greythorn Developments 2 Ltd and the campaign closed with €1,800,000 raised, the amount corresponding to Loan A of the operation. It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The raise was completed in four days, equivalent to an average pace of €313 per minute. The platform has not disclosed the number of investors or the average ticket.

The loan was agreed at 8% with a maximum term of 24 months and interest paid monthly; this reference is subject to investment risk and is not guaranteed. The operation includes an audit fee of €12,915 including VAT, paid in advance, and carries no brokerage fee. Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty.

Asset description, planning status and borrower

Fortal House is an early Victorian two-storey-over-basement home of 4,382 square feet on 0.12 hectares. It is currently used as a site office for an adjoining development and is not habitable. Fortal Villa is a two-storey house of 123 sqm on 0.06 hectares, with a G energy rating, the lowest on the scale; Fortal House has no rating at all. The documentation itself warns that this may affect value and future costs.

Dun Laoghaire-Rathdown County Council granted planning permission for the alteration and extension of Fortal House on 16 January 2025 (ref. D24A/0828/WEB), with a preliminary fixed-price budget of €400,000. The planned extension of Fortal Villa, by contrast, remains subject to permission and requires transferring part of Fortal House's garden, a step the previous mortgagee would not accept and which is what prompts the refinancing. The planned exit is the sale of Fortal House at between €2,800,000 and €3,200,000.

Greythorn Developments 2 Ltd, held by Donal Coyle and Mark Hayward, develops land in south Dublin and this is its fourth operation with the platform. It has just completed the construction and sale of eight terraced houses in Fortal House's back garden, at around €1,450,000 each, also financed by Property Bridges and with that loan repaid in full.

Capital structure, coverage ratios and security

The total facility is €2,200,000, split into Loan A of €1,800,000 — the amount raised in this round — and Loan B of €400,000 for the works at Fortal House. The published breakdown assigns €1,075,000 to refinancing the existing mortgage, €395,000 to the refurbishment, €695,000 to partly financing the purchase of Fortal Villa and €25,000 to fees: those items sum to €2,190,000, €10,000 less than the stated amount. The borrower contributes €305,000 in cash, plus some €1,200,000 of its own equity already invested in Fortal House, and separately finances 30% of the purchase price of Fortal Villa.

The security is a first fixed charge over both properties. An independent valuer assessed them under RICS standards, as at 31 January 2025, at €2,400,000 for Fortal House as is — €2,900,000 once the agreed works are carried out — and €1,000,000 for Fortal Villa: €3,400,000 combined today and €3,900,000 after the refurbishment. Against those figures the LTV is 53% on the initial €1,800,000 drawdown, 65% on full drawdown against the current value and 56% against the post-works value, which depends on the works being completed. The analysis was written by James Twomey and reviewed by Paul Curran.

This is a crowdfunding product and not a deposit or a guaranteed savings product; the platform recommends allocating no more than 10% of net worth to crowdfunding projects. The investment carries risks of illiquidity and of total or partial loss of principal, and it may not be possible to sell the instruments when desired. It is not supervised by the CNMV or the Bank of Spain, and has neither the deposit guarantee scheme cover provided for in Directive 2014/49/EU nor the investor compensation scheme provided for in Directive 97/9/EC. Investors may not recover the capital contributed.

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Realty Investor

Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.