Campaign Closing Report | Property Bridges raises €562,621 in seventeen days for Phase 1 of fourteen homes in Kilmallock (County Limerick)

11/09/2026 – ⏱ 6 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 Phase 1 of the residential scheme at Bellview, Glenfield, in Kilmallock (County Limerick). The transaction, structured as a development facility secured by a first fixed charge over the property, funds the construction of fourteen homes for Kilmallock Manor Property Developments Limited. The subscription process concluded with a volume of €562,621 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 17 days from opening. The flow of contributions across that period works out at an average of €23 per minute. The amount raised through the platform represents part of the transaction's total development facility, set at €3,723,391; 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. The offering likewise does not state the interest rate granted to lenders, the minimum investment per user or an internal credit rating; the investor should verify those points in the contractual documentation and in the key investment information sheet.

The term of the transaction is set at 15 months, comprising a 14-month construction programme plus the sales period. 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 property comprises a 2.85-hectare freehold site registered under Folio LK76694F, with full planning permission (reference 23/26) for 28 homes. That permission was granted on 29 January 2024, following a decision dated 22 December 2023, and is valid until 28 January 2029. The financing covers the first fourteen units, constituting Phase 1: four three-bedroom terraced houses and ten four-bedroom semi-detached houses, with a total gross internal floor area of 1,612.72 square meters. The site adjoins the existing residential areas of Sycamore Drive and Bellview to the east and south-east, and open green space to the north-west.

The Commencement Notice (CN0139844LL) was filed with a start date of 10 March 2026 and the monitor has reviewed the completed AF1 and AF2 forms. Works began in early May, with completion scheduled for July 2027, and stand at approximately 40% across the scheme: units 1 to 6 are 37% complete, with external and internal walls progressing and the first-floor structure in place; units 7 and 8 are at 29%; units 9 and 10 at 12%, with external wall construction due to begin; and units 11 to 14 at 36%, also with the first-floor structure under way.

Ground investigation works carried out by CS Consultancy in April 2026 confirm firm, stiff clay across the site, suitable for traditional strip foundations. The monitor has further verified, by reference to OPW floodinfo.ie, that the site does not lie within a designated flood risk zone. Several pre-commencement planning conditions remain outstanding, classified by the monitor as of medium difficulty, and formal compliance must be evidenced before drawdown.

The borrower is Kilmallock Manor Property Developments Limited, a special purpose company incorporated on 10 December 2025 with its registered office at Castlelands Business Park, Newcastle West (County Limerick), which also acts as project manager. The main contractor is DGN Curragh Developments Limited, incorporated in January 2018 and based in Gortskagh, Castlemahon, engaged under an RIAI standard form contract. The independent monitor, OCFPM, had previously overseen parts of the Woodfield Manor project in Newcastle West, in which DGN took part and which was completed within budget. Property Bridges has carried out anti-money-laundering and know-your-customer checks on the borrower and connected parties, with no issues identified.

Capital Structure, Risk Indicators and Real Collateral

The independent valuation was signed by William Lyons (MRICS MSCSI), an RICS registered valuer at ERA Downey McCarthy, dated 12 February 2026 with a valuation date of 23 January 2026, prepared under the RICS Global Valuation Standards 2025. The report places the market value of the development land at €710,000 excluding VAT — around €230,000 per acre, equivalent to some €25,357 per plot across 28 plots — and the gross development value of the full 28-unit scheme at €10,540,000. The area valued, 1.25 hectares, corresponds to the developable land assessed, while the Folio extends to about 2.85 hectares. The valuer supports the per-acre rate with local comparables — Bridgelands East (€250,000/acre), Glenwood at Patrickswell (€419,000/acre), Dromin Na Oir (€326,500/acre), Baunacloka (€236,000/acre) and Barnakyle (€166,000/acre) — and the unit prices with new-build transactions in Limerick ranging from €242 to €387 per square foot.

The documentation carries two different figures for the Phase 1 loan-to-gross-development-value ratio: the summary table puts it at 70.5% and the conclusions section at around 63%. The net development value attributed to the fourteen Phase 1 homes is €5,280,000. The security is a first fixed charge over the property (Folio LK76694F), together with the assignment of insurances and of the benefit of all material project contracts; collateral warranties from the main contractor, quantity surveyor, certifying architect and safety coordinator are to be perfected. No additional security is required at this stage.

The monitor, OCFPM, has reviewed the borrower's costs and programme. It puts construction costs at approximately €3.225 million, equivalent to €2,134 per square meter, within the expected range for a comparable scheme in Limerick, and total development costs at some €3.61 million. Preliminaries sit at around 6%, at the lower end of the range, because the contractor already holds site accommodation and plant; external works (€228/m²) and site development works (€331/m²) also fall within expectations. The borrower's contingency of €119,600 — about 4% of construction costs — has been supplemented by the monitor with a further €35,970, raising it to approximately 5%. The 14-month programme is considered achievable subject to weather and ground conditions. Against the risk of material and labour inflation and supply chain disruption, clause 36 of the contract has been amended to a fixed price, so that the contractor bears that risk, and early procurement of critical materials is envisaged. The homes will be marketed in phases as construction progresses, in a market the valuer describes as supported by the Help-to-Buy and First Home Scheme public programmes.

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. 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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