Campaign Closing Report | Property Bridges Completes the €213,767 Raise for the New Tranche of the 18 Homes in Ratoath (Meath)

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 new tranche of the development facility financing 18 homes at Cornmill, Ratoath (County Meath, Ireland). The borrower is Leafend Ltd and the round closed with €213,767 raised. 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 one minute, so the average pace matches the amount of the tranche: €213,767 per minute. The platform has not disclosed the number of investors or the average ticket.

The loan was agreed at 8% per annum, with a six-month term for this tranche; this reference is subject to investment risk and is not guaranteed. Non-sophisticated investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer without justification or penalty.

Asset description, planning status and borrower

The property is a 1.26-acre site less than 500 metres from the centre of Ratoath, a town of more than 10,000 people some 25 km from Dublin, connected to the capital by Bus Éireann route 103. All 18 homes will carry an A energy rating and, as a condition of the planning permission, may only be sold to buyers aged over 55. It is worth noting that the documentation describes that permission as being in force but does not include its reference number, which appears replaced by a placeholder.

Works are in their final phase: fourteen homes completed and the remaining four at 77%, with landscaping and car park marking outstanding. Fourteen units are listed as "sale agreed" or "contract issued" — these are not completed sales — and the platform expected the first closings before Christmas. The principal behind the borrower, Michael Ryan, runs Pivotal Construction Ltd and is developing 41 homes for the same segment in Enfield (Meath) in parallel, of which 29 are sold. Anti-money-laundering and know-your-customer checks were carried out with nothing to report.

Capital structure, coverage ratios and security

The development facility amounts to €4,005,654, a figure that includes equity release costs and fees, and covers construction costs estimated at €3,492,867. The first drawdown included a €375,000 payment to the borrower as equity release on the site, valued by independent valuers at €1,240,000. The 18 completed homes were valued at €6,980,000, on prices of between €500 and €510 per square foot, and the net development value at €6,150,000.

Against those figures, the fact sheet puts the loan-to-cost ratio at 84.6% and the loan to net development value at 65.1%. The published breakdown by house type sums to €7,150,000, which does not match the declared gross value of €6,980,000: one row assigns €450,000 to a 550-square-foot home, inconsistent with the unit price the same table states. The security comprises a first charge over the property and a cost-overrun guarantee, which the summary table quantifies at €340,000 while the security section expresses it as 10%. The platform's cost valuer reviewed the budget and construction programme and considered them correct. The analysis was written by James Twomey and reviewed by David Jelly.

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.