Pre-opening | Property Bridges Prepares a €1,946,182 Facility to Refinance and Complete 8 Homes and Start 5 More in Dunleer (Louth)

19/09/2026 – ⏱ 3 min

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

Property Bridges is preparing a development facility for Bellscape Limited, Kieran Argue's company, over a 7.6-acre site on Main Street, Dunleer (County Louth, Ireland). It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The facility amounts to €1,946,182: €1,200,000 to refinance the Bank of Ireland loan that has funded the works so far, €450,000 to complete the eight Phase 1 houses, €200,000 to start the five Phase 2 units and €96,182 in fees, monitoring and interest. The term is 11 months. The fact sheet does not state the interest rate, an essential figure for assessing the operation, nor the opening date, minimum investment or an internal rating; these should be checked in the contractual documentation.

Asset description, construction progress and sales traction

The site has planning permission (ref. 20707) for 35 homes, extended in July 2026. Phase 1 consists of eight three- and four-bedroom houses, 70% to 90% complete: four are practically finished and the other four are roofed and in interior fit-out, with around six months to completion. Phase 2 comprises five further units, with a gross development value of €1,970,000. The borrower has stated it will not build the 22 apartments in the permission and will seek to amend it.

The documentation is contradictory on sales. In one section it says the four large houses are sold with contracts signed; in another, that deposits have been paid on three and the buyer's solicitor is preparing contracts. The platform states that the sale of those four units would repay much of the loan, but not all of it. Kieran Argue has more than 30 years of development in Louth, Meath and Drogheda, including the sale of 110 homes in Navan to a social housing association.

Financial structure, coverage ratios and security

The security is a first fixed charge over the whole site (folio LH28556F), with a limited-recourse mortgage and charge from Bellscape and over its shares, an assignment of insurances and contracts, and a €100,000 cost-overrun guarantee from Rangewood Limited. A valuation as at 1 May 2026 puts the eight Phase 1 houses at €3,340,000 and the five Phase 2 plots at €300,000. After retaining €250,000 of the first sale for Phase 2, €80,000 in council contributions and VAT, the net value taken into account is €2,912,731, giving a loan-to-net-development-value of 66.8% and a loan-to-cost of 67.7%.

Two figures do not reconcile: the Phase 1 unit prices sum to €3,360,000, not the €3,340,000 stated; and the permission extension is dated to December 2028 in one section and to 2029 in another.

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, and it may not be possible to sell the instruments when desired. 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.

Realty Investor

Your real estate crowdfunding in one app.

Discover new opportunities. Invest through leading platforms. Manage your entire real estate portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get familiar with the platform using simulated money, without committing capital.

Download the beta and start discovering a new way to manage your real estate investments.

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.