Pre-opening | Property Bridges finances a €1,500,000 bridging loan for the refinancing and refurbishment of three assets in Cork (Ireland) at 7.5% per annum

21/07/2026 – ⏱ 3 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 is preparing a real estate investment opportunity in County Cork (Ireland). The operation consists of a bridging loan to the borrower Purtol Limited, secured by three commercial and mixed-use assets, intended to refinance an existing facility from the platform itself and to provide capital to complete the refurbishment works. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Financial Terms of the Operation

The bridging loan amounts to €1,500,000, with an interest rate of 7.5% and quarterly interest payments to lenders, and a term of 24 months. The collateral of the operation is a first fixed charge over the three assets. The use of funds is distributed as €870,000 to refinance the existing facility, €200,000 to reimburse works already carried out at Tuckey Street and €400,000 for the refurbishment of Shandon Street. Drawdowns linked to works are made on a staged and certified basis.

Asset Description and Construction Progress

The collateral package is made up of three properties. The first, at 1 Tuckey Street, in Cork city center next to Grand Parade, comprises a ground-floor commercial unit and a three-bedroom apartment; the refurbishment is practically complete, with a current value of €250,000, a completed value of €500,000 and expected rental income of €44,400 per year. The second, at 60-61 Shandon Street, comprises a licensed basement unit, four two-bedroom apartments and one one-bedroom apartment; works have recently begun, with a current value of €800,000, a completed value of €1,870,000 and estimated rental income of €147,600 per year. The third is O'Sullivan's Lake House, in Inchigeelagh, a property comprising a 14-room hotel —with a further 3 under construction—, a licensed bar and a three-bedroom dwelling.

Coverage Ratios, Exit Strategy and Risks

The current aggregate market value of the three assets amounts to approximately €2,395,000, with an expected completed value of up to €3,715,000. Against these figures, the platform places the day 1 LTV at 41.8% and the overall LTGDV at 46.6%. The main repayment strategy consists of refinancing once the works are completed, with Tuckey Street fully let and Shandon Street refurbished and leased; as secondary exits, the platform contemplates the disposal of individual assets, the sale of the Cork portfolio or partial repayment from Lake House cash flows. Property Bridges indicates that it previously financed the acquisition of these assets through an earlier bridging loan and that the borrower has met its repayment obligations throughout its term.

Among the risks noted by the platform itself are construction risk (rated as medium, as one asset remains materially under construction), potential cost inflation and schedule delays, mitigated through staged drawdowns. Notably, the platform warns of an income risk rated as medium: Lake House currently has a lease in place that provides liquidity during the refurbishment of the Cork assets, but that lease expires at the end of February 2027 and its extension cannot be taken for granted. The valuer has valued that property at €850,000 without the lease and at €1,345,000 with the lease in place, meaning that the aggregate valuation of the collateral package depends materially on that renewal.

In compliance with the European Crowdfunding Regulation (EU) 2020/1503, it is recalled that non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer at no cost and without justification. It is also warned that this is a participatory financing product —not a deposit or a guaranteed savings product— and that real estate investments carry specific risks, such as illiquidity, the risk of not obtaining the expected return, or the partial or total loss of the invested capital. The investment is not covered by the deposit guarantee schemes established under Directive 2014/49/EU nor by the investor compensation schemes established under Directive 97/9/EC, and this project is not supervised by the CNMV or the Bank of Spain. It is recommended not to invest more than 10% of net worth in crowdfunding projects.

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