Pre-opening | Property Bridges finances the construction of four homes in Killiney (County Dublin) through a €2,107,976 development loan

03/09/2026 – ⏱ 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 is preparing a new real estate crowdlending transaction in south County Dublin. The platform has received a request to provide Sandycove NZeb Developments Limited with a €2,107,976 development loan to fund the construction of four homes on a site owned by the company at Harrow House, Church Road, Killiney. The transaction is secured by a first fixed charge over the property. Investors should keep in mind that any expected return is inseparable from the corresponding risk, which is described below.

The loan covers 100% of the construction cost and adds a €150,000 equity release backed by the site, whose value confirmed by the Red Book valuation of May 2025 stands at €985,000. The development facility has been structured with a maximum term of 18 months and a minimum interest period of three months, while the tranche now being brought forward carries a six-month term. The stated interest rate is 7.5% per annum; this estimate is subject to investment risk and is not guaranteed. The loan-to-cost ratio stands at 74%. The published offering does not specify the opening date and time of the fundraising call, the minimum investment per user or an internal credit rating, points the investor should verify in the contractual documentation and in the key investment information sheet before committing funds.

Asset Description, Technical Progress and Commercial Traction

The underlying 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, a road where, as the platform describes, several historic properties have seen extensions built within their grounds in recent years. The location has public transport connections and the amenities of an already developed residential area.

On the technical side, 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 arising from unforeseen ground conditions, and the borrowing company is managed by a real estate professional with more than 30 years of experience. According to the information provided, a connection agreement with Irish Water has been obtained. 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.

Financial Structure, Coverage Ratios and Real Collateral

The independent Red Book 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%. Property Bridges puts at approximately €1.2 million the headroom that ratio leaves to absorb cost overruns or falls in sale prices. The valuation was built by reference to several comparable properties in the immediate surroundings of the asset, and the platform's valuer has reviewed the costs submitted by the borrower, from which the loan amount is derived.

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; based on the estimated valuation, the sale of the three smaller homes, or that of the largest home together with one of the others, would suffice to clear the loan. Property Bridges has previously carried out anti-money-laundering and know-your-customer checks on the owners of the borrowing company, with no issues identified, 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.

In compliance with the European crowdfunding framework, it is recalled that non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer without justification or penalty. 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 or of the investor compensation scheme provided for in Directive 97/9/EC. Investors may not recover the capital contributed.

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