Pre-opening | Property Bridges returns to Tallanstown with the same €3,400,000 line and construction at 95%

13/10/2026 – ⏱ 3 min

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

Property Bridges is preparing a new tranche of the €3,400,000 line for the first twelve homes on a site with planning permission for eighteen in Tallanstown (Louth, Ireland), the same line it opened on 31 August, with construction now at 95%.

The fact sheet does not publish an interest rate, target return, opening date, minimum investment or rating: it is the second consecutive one for this project without a rate, after the March and April tranches at 7.5% per year. The term of this tranche is four months, one less than that of August. The tranches of this line that we have published add up to €587,195 —€138,457 in March, €337,000 in April and €111,738 in September—, 17% of the total.

Asset description, construction progress and sales traction

The site covers 1.2 hectares next to Glyde Road, with planning permission 22/388 for eighteen homes with an A energy rating in three blocks of six. This line finances the first twelve, and the borrower will fund the remaining six with its own funds. Nine of the twelve fall within the limits of the Irish first-time buyer scheme.

The services are complete and the road works are under way. Sales are counted in two incompatible ways in the same fact sheet: one section lists plots 2, 5 and 6 as sold, and the next lists units 1, 7, 8, 11, 12, 13, 14, 15 and 16, four of them —13 to 16— outside the twelve financed by this line and without plots 5 and 6. In August the fact sheet only listed units 5 and 6 as sold.

Financial structure, coverage ratios and security

The security is a first fixed charge over the entire eighteen-unit site and over two rental homes in Blinne Court (Newry), built by the borrower and valued at £200,000 each, €470,000 together. The fact sheet states an LTGDV of 70%, but that ratio does not come from the GDV: the valuers value the twelve completed homes at €4,542,500, and the line over that figure is 74.9%. The 70% only appears when the €653,333 of additional security is added to the declared NDV of €4,171,000; against the NDV alone, it is equivalent to 81.5%.

Nor do the two valuations fit together: with Irish VAT of 13.5% on new homes, that GDV gives an NDV of €4,002,203, €168,797 below the declared figure. Dowdall Contracts contributes €1,070,000: the unencumbered site (€550,000), the first €50,000 of works and the two Newry homes. The six surplus sites are valued at €183,333, the €30,556 per unit implied by the purchase price, with no uplift for a planning permission that the valuer describes as scarce in Louth. That security is in pounds sterling and in the development the borrower has just completed. The fact sheet acknowledges a low-to-medium flood risk from the adjoining river, with measures still to be submitted.

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: it carries a risk of illiquidity and of total or partial loss of principal, it is not supervised by the CNMV or the Bank of Spain and it is not covered by Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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