Pre-opening | Property Bridges finances the completion of a residential development in Dunleer (Ireland) through a €1,946,182 loan with a first-rank mortgage

19/08/2026 – ⏱ 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 to launch a real estate investment opportunity in Dunleer (County Louth, Ireland). The operation consists of a development loan secured by a first-rank mortgage granted to the borrower Bellscape Limited, intended for the completion of a partially built residential development on Main Street. It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

The call sets a total financing amount of €1,946,182 and a term of 12 months. According to the documentation, the loan has a threefold purpose: to refinance an existing Bank of Ireland bank loan (€1,200,000), to complete the 8 homes of Phase 1 (€450,000) and to finance the initial works of Phase 2 of 5 additional units (€200,000), plus fees, monitoring and interest (€96,182). The operation is secured by a first fixed charge over the property (folio LH28556F), a limited-recourse charge over the shares and a cost-overrun guarantee from Rangewood Limited for €100,000.

Asset Description, Construction Progress and Borrower

The asset is a development site of approximately 7.6 acres on Main Street, Dunleer, with full planning permission (Ref. 20707 from Louth County Council) for 35 homes, recently extended until December 2028. Phase 1 comprises 8 houses — four detached four-bedroom homes and four three-bedroom homes — currently 70% to 90% complete: the first four houses are built, roofed and practically finished, and the remaining four are built and roofed, in the interior fit-out phase. Full completion is estimated at around six months from disbursement. The new homes will have an A energy rating. Commercially, according to the documentation, the four large detached houses are already sold, with deposits received and contracts issued for three of them, while the remaining ones are being launched to the market.

The borrower, Bellscape Limited, is owned by Kieran Argue, a developer with more than 30 years of experience in housing development in the Drogheda, Louth and Meath area who, according to the fact sheet, has recently completed larger projects, including the sale of 110 homes to a social housing body. The platform states that it has completed anti-money-laundering (AML) and know-your-customer (KYC) checks with no adverse findings, and an independent valuer, who also acts as the project's monitor, has reviewed the costs and construction programme.

Financial Structure, Coverage Ratios and Collateral

According to the independent valuation, dated 1 May 2026, the gross development value (GDV) of the 8 Phase 1 homes amounts to €3,340,000 and the five undeveloped Phase 2 plots are valued at €300,000. After the agreed deductions — including the retention of €250,000 from the first sale to start Phase 2 and the municipal contributions — the net realisable value stands at €2,912,731, which results in a Loan to Net Development Value (LTNDV) ratio of 66.8% and a Loan to Cost (LTC) ratio of 67.7%. The repayment strategy relies on the sale of the homes, in a market that, according to the documentation, shows strong demand in County Louth, with limited new-build supply and good access to the M1 motorway.

In compliance with European crowdfunding regulations, it is recalled that non-sophisticated investors have a pre-contractual reflection period of four calendar days during which they may withdraw their investment offer without justification or penalty. This is a crowdfunding product and not a deposit or a guaranteed savings product. Real estate investments carry risks of illiquidity and total or partial loss of principal; this project is not supervised by the CNMV or the Bank of Spain, and is not covered by the deposit guarantee scheme (Directive 2014/49/EU) or the investor compensation scheme (Directive 97/9/EC).

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