Pre-opening | Property Bridges Returns to Dingle with €4,999,401 for the 30 Homes at Cnoc an Cairn, Now at 8%

01/10/2026 – ⏱ 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 €4,999,401 of development finance to Zinbar Grove Developments Ltd. to complete 30 homes at Cnoc an Cairn, in Dingle (County Kerry, Ireland). Any reference to return is inseparable from the risk, which is set out below.

This is not the first time this development has appeared on the platform. Property Bridges has been funding it in tranches since May 2026: in June it opened a second tranche at 7.5%, whose raise closed at €248,126, and it published the project again in July and in August. This offering comes at 8% per annum, over 20 months for this tranche. The fact sheet does not mention those earlier tranches or how much has been drawn so far, nor does it state an opening date, minimum investment or internal rating.

Asset description, construction progress and sales traction

The 0.412-hectare freehold site is zoned town centre and will hold 15 one-bedroom ground-floor apartments and 15 two-bedroom duplexes above, with 2,843 sqm of gross internal area and an A3 energy rating. Permission was granted by Kerry County Council in March 2023 and, after a third-party appeal, An Bord Pleanála upheld it on 2 January 2025 with no further avenue of appeal: planning risk is closed. There is an Irish Water connection agreement whose €175,000 fee must be paid before the first drawdown.

Works are at an early stage: the substructure is complete and external walls and the first concrete floors are progressing, but overall progress is around 12% for a 20-month loan.

No sale of this project is recorded. The commercial reference in the file is Cairn Close, an adjoining development by the same group sold out during construction at between €535,000 and €595,000 per unit; it is worth noting these were three-bedroom terraced houses, a different product from the apartments and duplexes being built here. The valuer also notes there is no new-build supply available in Dingle, a town of some 1,900 inhabitants that serves as the service centre for the whole peninsula. Three of the 30 units go to Part V, Ireland's mandatory social housing reservation, although the gross development value is calculated with all thirty at market price. The contract includes a sales milestone: ten units sold with deposits before month 19.

Financial structure, coverage ratios and security

The security is a first legal charge over the site, free of encumbrances, with no additional security or personal guarantees in the file. The independent valuation by Keane Mahony Smith, dated 9 March 2026, sets a gross development value of €12,571,400 and a site value of €1,200,000.

The ratios require careful reading. The transaction table defines net development value at €11,076,123.35, being the gross value less 13.5% VAT, and from that comes the maximum LTNDV of 45.1%. But the sales section of the same fact sheet refers to a "conservative borrower" net value of €8,695,500: measured against that figure, the ratio would be 57.5%. These are two different magnitudes under the same name, and investors should clarify which corresponds to which concept. The maximum LTC is 69.5%, without the total project cost being published.

It is also worth noting the gap between the borrower's prices and the valuer's: the developer expects gross sales of €10,200,000 while the valuation puts them at €12,571,400, a difference of more than two million concentrated in the duplexes, valued at between €535,800 and €555,000 against the €395,000 of the business plan.

The borrower contributes some €2.22 million: the unencumbered site valued at €1,200,000, €159,320 in cash and 15% of each subsequent drawdown. The developer is the Moloney Group, based in Kerry, which has already completed a project in Roscrea (Tipperary) with the platform. An external monitor, OCFPM, supervises the certificates.

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 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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Your real estate crowdfunding, in one app.

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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.

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