Campaign Close | Property Bridges completes a €106,000 raise for the 30-home development in Pallaskenry (Limerick) in three days

07/09/2026 – ⏱ 6 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 has issued the closing report for the funding round of the Cois Curran residential project in Pallaskenry, County Limerick. The transaction, structured as a development loan secured by a first fixed charge over the property in favour of IPD Construction Limited, is intended to fund the construction of a 30-home scheme delivered in two phases. The subscription process has concluded with a volume raised in this call of €106,000, an amount that forms part of a revolving credit facility whose maximum debt limit is set at €3,510,839. It should be recalled that any reference to return is inseparable from the corresponding risk, which is set out below.

This tranche was funded within an accumulated period of three days from opening. The analysis of the flow of contributions over that interval yields a funding rate of approximately €25 per minute.

Metric Analysis of the Investor Base and Capital Distribution

The platform has not published the number of participating investors or the average ticket for this call, so the available balance is limited to the volume raised and the time taken to complete it. The amount closed corresponds to a drawdown within the revolving facility: as sales of phase 1 begin and the debt starts to be repaid, the borrower will be able to draw further funds for phase 2, provided the outstanding balance remains below the €3.51 million cap at all times. That cap is the mechanism through which Property Bridges keeps the loan-to-value (LTV) and loan-to-cost (LTC) ratios contained over the life of the transaction.

The transaction offers lenders an interest rate of 7.5% per annum; this estimate is subject to investment risk and is not guaranteed. The facility term is set at 19 months, with a minimum term of six months. The published offering does not specify 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. In accordance with the European regulatory framework, non-experienced investors have a four-calendar-day pre-contractual reflection period in which to revoke their commitment without justification or penalty.

Description of the Underlying Asset, Planning Progress and Developer Profile

The underlying asset is a site of approximately 3.06 hectares (7.56 acres) at Cois Curran, Pallaskenry, with planning permission for 30 homes and additional capacity for a further 18 units. The development has been split into two phases: 14 units in phase 1 and 16 units in phase 2. The funds from this facility finance the construction of the first 14 homes. The site also includes plots capable of accommodating future extensions, subject to approval of the corresponding planning application.

The progress report places overall development at approximately 71% complete and site works at around 39%. By unit, homes 1 to 3 are at the decorating stage; units 4 to 9 are undergoing kitchen installation and internal wall finishes; units 10 to 12 are scheduled to begin internal finishes; and units 13 and 14 have had their internal walls plastered. The platform's valuer has reviewed the costs and construction programme submitted by the borrower and confirmed that both sit within the range expected for this type of project. The construction methodology consists of traditional block walls with a brick façade on a flat site with vehicular access.

Pallaskenry lies approximately 16 kilometres west of Limerick city, alongside the N69 national road linking Limerick with Foynes, in an agricultural rural setting close to the Shannon estuary. It is a linear settlement with 610 inhabitants according to the 2022 census, whose main residential areas — An Curran, Roschoill, Limeyard and Cluan Mhuire — sit at the northern end of the village. The Limerick Development Plan 2022-2028 provides for the construction of 62 homes in the locality over the plan period, of which 30 correspond to permissions already allocated at An Curran, and assigns 5% of projected growth to development in the village centre area.

The borrowing entity, IPD Construction Limited, forms part of the Roche Group, with more than 30 years in residential, commercial and industrial construction. The group also owns Applegreen service stations and development land, part of it already holding planning permission and earmarked for a future residential pipeline. After a period of intense activity in the Limerick area during the Irish expansionary cycle and the difficulties of the post-crisis years, the group moved its construction business to Africa, where it developed infrastructure and hotels, and has since returned to Ireland. The developer is local to the area and has completed two recent projects. Property Bridges has carried out anti-money-laundering and know-your-customer checks on the borrower, with nothing to report. The analysis was written by Conor Daly and reviewed by David Jelly.

Capital Structure, Risk Indicators and Real Collateral

The borrower contributes as its own capital the site free of encumbrances, valued at €1 million, together with the first €120,000 of funding for the works under way. The valuation places the site value at €1,380,000, while the gross development value (GDV) of the 30 homes amounts to €12,520,000 and the net development value (NDV) of the scheme to €11,030,837. Referred solely to the 14 units of phase 1, the NDV stands at €5,074,890, which determines a loan-to-net-development-value (LTNDV) ratio of 69.2% for that phase. The planner estimates the value of the site with permission for 30 homes at €1,200,000, and at €180,000 — at €10,000 per home — the portion of land capable of accommodating the 18 additional units recognised by the council on land currently zoned residential.

The security package comprises a first charge over the property and a 10% cost-overrun guarantee, extended to all 30 units. The envisaged exit strategy is the sale of the completed homes on the open market, for which the valuer estimates a marketing period of six to eight weeks per unit and notes demand from approved housing bodies interested in A-rated energy-efficient units in this location, although the developer's plan is to sell on the open market. The documentation identifies four areas of risk: development risk, inherent to a new-build scheme on greenfield land; construction risk, which the platform considers mitigated by the characteristics of the site and the construction methodology used; financial risk, mitigated in part by the borrower's capital contribution and by phased delivery; and sales risk in this area of Limerick, in respect of which the platform likewise points to phasing as a containing factor.

Property Bridges also discloses that its managers and employees may participate as investors in all opportunities published on the platform, on the same terms as other investors and with no preferential treatment or privileged access to information.

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 and of the investor compensation scheme provided for in Directive 97/9/EC. Investors may obtain no return at all on their investment and may not be able to sell the investment instruments when they wish.

Realty Investor

Gathering platform data month after month and comparing it against homogeneous criteria is precisely the work we are automating at Realty Investor, an application that brings together real estate crowdfunding and crowdlending opportunities in a single environment, with verified information and comparable metrics.

You can already try it: our beta is open, and in it you invest with simulated money, without putting up capital, so you can get to know the market and become familiar with the tool before the version with real investment arrives in a few months.

Download the beta and start following European real estate crowdfunding from a single application.

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.