Pre-opening | Property Bridges finances €4,005,654 for the construction of 18 over-55s homes in Ratoath, Co. Meath (Ireland) at 7.5% per annum

15/07/2026 – ⏱ 3 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 is preparing a real estate investment opportunity in Ratoath, County Meath (Ireland). The operation consists of granting a loan to the borrower Leafend Ltd, intended to finance the construction of 18 homes which, as stipulated in the planning permission, will be sold exclusively to buyers over 55 years of age. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Financial Terms of the Operation

The development facility amounts to €4,005,654, including equity release costs and fees, with an interest rate of 7.5% per annum and a term of 13 months for this tranche (minimum term of 6 months). The construction costs of the 18 homes are estimated at €3,492,867, and the platform states that it will finance 100% of those costs. The first drawdown of the facility will include a payment of €375,000 to the borrower as an equity release on the land, valued at €1,240,000. The collateral of the operation is a first fixed charge over the property, complemented by a cost-overrun guarantee of €340,000, equivalent to 10%.

Asset Description, Construction Progress and Commercial Traction

The asset is a 1.26-acre site located at Cornmill, Ratoath, with current planning permission for 18 homes intended for people over 55 years of age, all of them with an A energy rating. The scheme comprises one-, two- and three-bedroom homes, with areas of between 550 and 860 square feet. The property is less than 500 meters from the center of Ratoath, with shops, medical centers and community facilities nearby. Ratoath is a town of more than 10,000 inhabitants located some 25 km west of Dublin city center, served by Bus Éireann route 103 every 20 minutes to and from Dublin.

According to the latest progress update provided by the platform, fourteen homes show a degree of completion above 84% and the remaining four stand at around 66%, while the works around the homes are 63% complete. The valuer has reviewed the costs associated with this drawdown and confirmed that they are correct. The developer uses a show house to market the development and, according to the platform, sales are progressing satisfactorily.

Capital Structure, Coverage Ratios and Collateral

The independent valuers appointed by Property Bridges value the land at €1,240,000 and set the Gross Development Value (GDV) of the 18 completed homes at €6,980,000, with a Net Development Value (NDV) of €6,150,000. Against these figures, the operation shows a Loan to Cost (LTC) of 84.6% and a Loan to NDV of 65.1%. The valuation is based on a sale price per square foot of between €500 and €510 depending on the house type; as comparable evidence, the valuer has used the over-55s project the borrower is completing in Enfield and new-build sales in locations similar to Ratoath, noting that over-55s homes sell at a premium of approximately 20% over the price of open-market new builds. The principal behind the borrower is Michael Ryan, managing director of Pivotal Construction Ltd, currently developing a scheme of 41 homes for the same segment in Enfield (County Meath), of which 29 are already sold. The appraiser has confirmed that the borrower's cost proposal is correct and viable, and the platform states that it has carried out anti-money-laundering and know-your-customer (AML/KYC) checks with nothing to report.

It should be noted that the planning permission restriction limits the sale of the homes to the over-55s segment, which narrows the universe of potential buyers.

In compliance with the European Crowdfunding Regulation (EU) 2020/1503, it is recalled that non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer at no cost and without justification. It is also warned that this is a participatory financing product —not a deposit or a guaranteed savings product— and that real estate investments carry specific risks, such as illiquidity, the risk of not obtaining the expected return, or the partial or total loss of the invested capital. The investment is not covered by the deposit guarantee schemes established under Directive 2014/49/EU nor by the investor compensation schemes established under Directive 97/9/EC, and this project is not supervised by the CNMV or the Bank of Spain. It is recommended not to invest more than 10% of net worth in crowdfunding projects.

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