Property Bridges Raises €200,000 in Pallaskenry, Nearly Double Its First Offering on the Same Facility

08/10/2026 – ⏱ 4 min

The second drawdown at 8% nearly doubles September's €106,000, though together they cover 8.7% of the €3,510,839 facility limit

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

Property Bridges has closed in nine days the second raise on the revolving facility for the 30 homes at Cois Curran, in Pallaskenry, some 16 kilometres west of Limerick. It gathered €200,000 at a pace of about €15 per minute.

The relevant comparison is with the first offering on this same facility, which closed in early September at €106,000 at 7.5%. This one came out at 8% a year and raised 89% more. Together they total €306,000, 8.7% of the €3,510,839 limit the platform has approved for the project.

The contrast with the other Irish operation this same platform has closed today is instructive. In Dingle the tranche also moved from 7.5% to 8% and raised 9% less than in June; here, with the same rate move, the response has nearly doubled. No single rule explains both outcomes: appetite depends more on the project and the moment than on the extra half point.

The structure is the same as in September: the facility first funds the fourteen homes of phase 1 and, as sales repay balance, the developer can draw again for the sixteen of phase 2, always below the limit. The term of this drawdown is 18 months, with a six-month minimum.

On construction progress, the file still carries figures that are hard to reconcile. Overall progress is given as 43% while site works appear at only 34%, and the risk section describes the project as a greenfield development, which does not square with a unit-by-unit breakdown placing the first nine homes at finishes, 10 to 14 at partitions, 15 to 18 at weathertight stage and 19 to 30 at infrastructure. In other words, works are also under way on phase 2, which this facility does not yet fund.

No sale is recorded, and the file itself acknowledges that commercial risk in this part of Limerick is high. It is worth sizing the market to see why: Pallaskenry had 610 inhabitants at the 2022 census, and the Limerick Development Plan 2022-2028 provides for 62 homes in the village across the whole period, of which 30 already correspond to this scheme. The valuer estimates six to eight weeks of marketing per unit and mentions interest from approved housing bodies in A-rated homes, although the developer's plan is to sell on the open market.

The security is a first charge over the property and a 10% cost-overrun guarantee. Gross development value for the 30 homes is put at €12,520,000 and net, after VAT, at €11,030,837; for the fourteen homes of phase 1, at €5,074,890. That produces the 69.2% LTNDV, which compares the facility's full limit against phase 1's net value alone: a prudent basis. The LTC is described as conservative, but the fact sheet publishes neither its figure nor the project's total cost.

And the file's most striking discrepancy persists: the land value appears at three different amounts. The table puts it at €1,380,000, the text says the developer contributes it valued at one million, and the valuation commentary breaks it down into €1,200,000 for the land with permission for 30 homes plus €180,000 attributed to 18 additional homes whose development depends on an authorisation that does not yet exist. The last two figures add up to the table's; the one in the text matches neither. Besides the land, the borrower contributes the first €120,000 of works.

IPD Construction belongs to the Roche Group, with more than 30 years in residential, commercial and industrial construction. The platform relates that the group ran into difficulties after the Irish financial crisis, moved its activity to Africa to develop infrastructure and hotels, and has returned to Ireland recently.

Investing in real estate crowdfunding carries the risk of losing part or all of your capital: the money is locked up until maturity, returns are not guaranteed and there is no deposit guarantee fund cover. No security eliminates that risk, and the outcome of the raise does not anticipate how the operation will end. Non-sophisticated investors have four calendar days of reflection to revoke their offer without penalty.

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Your real estate crowdfunding, in one app.

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