Campaign Closing Report | Property Bridges raises €243,324 in nine days for the construction of four homes in Killiney (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 Harrow House transaction, on Church Road, Killiney (County Dublin). The transaction, structured as a development facility secured by a first fixed charge over the property, is intended to fund the construction of four homes for the company Sandycove NZeb Developments Limited. The subscription process concluded with a volume of €243,324 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 9 days from opening. The amount raised through the platform represents part of the transaction's total development facility, set at €1,987,219; the published documentation does not break down the remainder of the financing or the number of participating investors, so that detail is not part of the available information.

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 tranche brought forward has a 13-month term, within a development facility with a maximum life of 18 months and a minimum interest period of three months. The loan-to-cost ratio stands at 74%. 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 Sponsor Profile

The asset is a site with full planning permission for four homes in Killiney, south County Dublin, under reference numbers DLR CoCo 22A/0617 and An Bord Pleanála 31500. The scheme comprises three two-bedroom homes grouped in a block of three units and one four-bedroom detached house of 172 square meters. The plot sits within the grounds of a period property, Harrow House, in an established residential area of Church Road, with public transport connections and the amenities of an already developed area.

The four homes are fully built and are currently at the internal fit-out stage, with site works close to completion. The platform places full completion of the works in November 2026. The project is linked to an architect specialised in highly energy-efficient construction, and the homes are being built to the Passive Plus standard, above the Passive and A1 ratings. Foundations are already in place, a circumstance Property Bridges identifies as reducing the risk of cost overruns from unforeseen ground conditions, and the borrowing company is managed by a real estate professional with more than 30 years of experience. The borrower previously obtained funding from the platform on an earlier transaction — also a high-efficiency passive home on a vacant site in south Dublin — which was completed with the loan repaid in full.

Capital Structure, Risk Indicators and Real Collateral

The loan covers 100% of the construction cost and includes a €150,000 equity release backed by the site, whose value confirmed by the May 2025 Red Book valuation stands at €985,000. The independent valuation estimates the gross development value of the four homes at €3.8 million, with reference prices of €825,000 for each of the three two-bedroom homes and €1.325 million for the larger detached house. The projected net development value stands at €3.33 million, which determines a loan-to-net-development-value (LTNDV) ratio of 63.2%, leaving headroom of approximately €1.2 million to absorb cost overruns or falls in sale prices.

The security package includes a first fixed charge over the property and a charge over the shares and debentures of the borrowing entity. The exit strategy envisaged by the developer is to retain the four homes and refinance the development loan with a long-term investment loan, an operation that would require around €2.3 million including estimated rolled-up interest, equivalent to 69% of the estimated value of the properties. Should that refinancing not be in place at maturity, the platform will require the sale of some or all of the units to repay the debt. Property Bridges has previously carried out anti-money-laundering and know-your-customer checks on the owners of the borrowing company, with no issues, and will repeat those checks before the first drawdown. The accounts filed by Sandycove NZeb Developments Limited relate to a period prior to the start of these works and record no significant transactions or balances. 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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