Campaign Closing Report | Property Bridges raises €315,860 in eleven days for eight homes on Rathbeale Road, Swords (Dublin)

11/09/2026 – ⏱ 5 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 has issued the closing report for the round corresponding to the Rathbeale Road transaction, in Swords (County Dublin). The transaction, structured as a development facility secured by a first fixed charge over the property, part-finances the acquisition of the site and the construction of eight homes, along with the refurbishment of an existing bungalow on the same plot, for the company Mont Blanc Development Limited. The subscription process concluded with a volume of €315,860 raised among the platform's investors. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Fundraising completed in 11 days from opening. The flow of contributions across that period works out at an average of €20 per minute. The amount raised through the platform represents part of the transaction's total development facility, set at €3,359,924; the published documentation does not break down the remainder of the financing.

Metric Analysis of the Investor Base and Capital Distribution

The platform has not published the number of investors who took part in the round or the transaction's average ticket, so the distribution of capital across contributors is not part of the information released. Nor is the minimum investment per user or an internal credit rating stated; the investor should verify those points in the contractual documentation and in the key investment information sheet.

The transaction carries an interest rate of 7.5% per annum; this reference return is subject to investment risk and is not guaranteed. The term is set at 12 months. The loan-to-cost ratio stands at 76.5% and the loan-to-net-development-value (LTNDV) ratio at 60.9%. In accordance with the European regulatory framework, non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer without justification or penalty.

Description of the Underlying Asset, Technical Progress and Commercial Traction

The asset is a site that makes use of the large side and rear gardens of a 1950s bungalow to build eight new homes. The scheme comprises one new detached house, six terraced houses, one new semi-detached bungalow and the refurbishment of the existing bungalow to modern standards. An Bord Pleanála granted full permission in July 2025 under reference ABP 321902. One of the homes must be sold to the local authority under Part V of Irish housing legislation, and its price is carried as an estimate in the valuation.

The works are approximately 52% complete. The seven new two-and-a-half-storey houses are at an advanced stage, pending internal finishes and landscaping, and a show house is being prepared ahead of the sales campaign. The two bungalows — the existing one to be refurbished and the new one to be built beside it — are at an earlier construction stage, although sales of both have already been agreed. The platform notes that the early sale of the refurbished home will reduce debt and risk over the life of the project, and that for this reason the nominal debt level of €3.36 million may never be reached.

The site sits close to the centre of Swords, a town adjoining Dublin airport some 18 kilometres north of the city centre, with more than 40,000 inhabitants and up to 70,000 people in its catchment area. Its main employers include Ryanair, headquartered in the town, Keelings Fruits and MSD Pharmaceuticals. According to the documentation, residential construction in the area has been limited in recent years, a circumstance the platform links to expected demand for the completed units.

Capital Structure, Risk Indicators and Real Collateral

The independent valuers appointed by Property Bridges valued the site at €1,650,000, against a purchase price of €1,850,000. The platform provided an initial total of €1,000,000 towards the acquisition, while the borrower contributed €850,000 to the purchase and funds the first €456,000 of the project from its own resources; the remaining approximately €2.3 million falls to Property Bridges. The total loan amount is estimated at €3.36 million, excluding accrued interest. The valuation places the gross development value at €6,265,000 and the net development value at €5,520,000, and rests on local comparables reflecting the price differential between energy-efficient new build and older housing stock.

The security is a first fixed charge over the property — which includes the existing bungalow and full planning permission for the eight new homes — and over the eight houses to be built on it. The budget includes a 5% contingency reserve, and the transaction also carries a cost-overrun guarantee equivalent to 10% of construction costs, €250,000, provided by Penbo Construction Limited, the borrower's parent company and the contractor on site. The appointed quantity surveyor, who also acts as project monitor, has confirmed that the works can be completed within the budget submitted — the basis on which the loan amount was determined — and has worked on previous projects by the same borrower.

The borrowing entity is Mont Blanc Development Limited, wholly owned by Penbo Construction Limited, trading since late 2008. Its schemes over the past three years include The Birches, in Prosperous (County Kildare), detached houses with a gross development value of €1,380,000, sold; The Carriage Yard, in Kildare, with three terraced and two detached houses and a GDV of €2,420,000, also sold; and Beech Avenue, in Prosperous, with eight terraced houses and a GDV of €3,680,000, six units sold. Property Bridges has carried out anti-money-laundering and know-your-customer checks on the borrower, with nothing to report. The analysis was written by Paul Curran and reviewed by David Jelly.

Finally, in compliance with the regulations governing crowdfunding service providers, investors are reminded that this is a crowdfunding product and not a deposit or a guaranteed savings product; the platform itself recommends not allocating more than 10% of net worth to crowdfunding projects. Real estate investments carry risks of illiquidity and of total or partial loss of principal; this vehicle is not supervised by the CNMV or the Bank of Spain, and lacks the coverage of the deposit guarantee scheme provided for in Directive 2014/49/EU and of the investor compensation scheme provided for in Directive 97/9/EC. Investors may not recover the capital contributed.

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