Pre-opening | Property Bridges Returns to Pallaskenry with the Same €3,510,839 Facility, Now at 8%

25/09/2026 – ⏱ 3 min

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

Property Bridges is raising funds again for IPD Construction Limited's 30-home development at Cois Curran, Pallaskenry, some 16 km west of Limerick. This is not a new operation: it is the same €3,510,839 revolving facility the platform presented in early September, whose first raise closed at €106,000. Any reference to return is inseparable from the risk, which is set out below.

Two conditions change from that earlier offering: the rate moves from 7.5% to 8% per annum and the term from 19 to 18 months, with a six-month minimum in both cases. The structure is the same: the facility first funds the fourteen Phase 1 homes and, as sales repay the balance, the developer can draw again for the sixteen of Phase 2, always below the cap. The fact sheet gives no opening date, minimum investment or internal rating.

Asset description, construction progress and sales traction

The site covers 3.06 hectares with permission for 30 homes and capacity for a further 18 not yet authorised. Works stand at 43% overall, although site preparation is shown at only 34%, figures that are hard to reconcile. The unit-by-unit detail puts the first nine at finishing stage, units 10 to 14 at internal walls, 15 to 18 at external walls and 19 to 30 at infrastructure works: there is work under way in Phase 2 too, which this facility does not yet fund. The risk section, by contrast, describes the project as a greenfield development, which does not square with that progress.

No sale is recorded as formalised, and the file itself acknowledges that sales risk in this part of Limerick remains significant. It is worth sizing the market: Pallaskenry had 610 inhabitants in the 2022 census and the Limerick Development Plan 2022-2028 provides for 62 homes in the village across the whole period, of which 30 are already allocated 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 plan is to sell on the open market.

Financial structure, coverage ratios and security

The security is a first fixed charge over the property and a 10% cost-overrun guarantee. The gross development value of the 30 homes is put at €12,520,000 and the net value, after VAT, at €11,030,837; for the fourteen Phase 1 homes, €5,074,890. Hence the LTNDV of 69.2%, which compares the full cap of the facility against the net value of Phase 1 alone, a prudent basis. The fact sheet calls the LTC conservative but publishes neither its figure nor the total cost.

The land value appears with 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 the further 18, whose development depends on an authorisation that does not yet exist. Besides the land, the borrower contributes the first €120,000 of the works.

IPD Construction belongs to the Roche Group, with more than 30 years in residential, commercial and industrial construction. The platform recounts that the group ran into difficulties after the Irish financial crisis, moved its activity to Africa to develop infrastructure and hotels, and has recently returned to Ireland. Property Bridges also states that its managers and employees may invest in its projects on the same terms as everyone else.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product; allocating no more than 10% of net worth to such projects is recommended. It carries risks of illiquidity and of total or partial loss of principal. It is not supervised by the CNMV or the Bank of Spain, and has no cover under Directives 2014/49/EU and 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.