Pre-opening | Property Bridges finances €4,058,939 for the refinancing and construction of 15 homes (Phase 3A) in Woodfield Manor, Newcastle West (Ireland)

23/07/2026 – ⏱ 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 Newcastle West, County Limerick (Ireland). The operation consists of granting a loan to the borrower DC Manor Limited, intended to refinance an existing lender and to finance the construction of 15 homes in Phase 3A of the Woodfield Manor development. 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 total amount is €4,058,939, made up of a refinancing facility of €1,400,000 and a development fund of €2,658,939, with an interest rate of 7.5% per annum and a term of 6 months for this tranche. The collateral of the operation is a first fixed charge over the property, which has planning permission for 33 units (valued at €1,030,000), complemented by additional collateral: development land (€682,500) and unit 9 of Phase 1, currently rented (€295,000), bringing the total collateral to €2,007,500. Drawdowns linked to works are made against certifications from the independent monitor.

Asset Description, Construction Progress and Commercial Traction

The asset is a 2.5-acre plot in Woodfield Manor, Newcastle West, with current planning permission (reference 21/531) for 33 homes, all of them with an A2 energy rating. This call corresponds to Phase 3A, which contemplates the construction of 15 three-bedroom terraced houses; according to the platform, much of the site preparation works are already complete —retention tank, foundations, connections to Irish Water and ESB—, with a value of works already carried out of €1,124,400, and the overall development of the site shows 90% progress. The construction program is estimated at 12 months, with three additional months for the completion of sales. The development is part of a 97-home project of which Phase 1 (43 units) is built and sold and Phase 2 (21 units) was completed in 2025. Newcastle West is the largest town in County Limerick outside the capital, with a population of 7,209 (2022 census) and connection via the N21 national road. On the commercial side, three units of Phase 3A are already contracted and two additional sales have been agreed.

Capital Structure, Coverage Ratios and Collateral

The independent valuers appointed by Property Bridges value the current property at €1,030,000 and the 15 completed homes together with the show house at €5,039,990, with a net project value excluding VAT of €4,440,520. For the 15 units of Phase 3A, the Gross Development Value (GDV) amounts to €4,689,990 and the Net Development Value (NDV) to €4,132,150. Against these figures, the operation shows an LTV of 71.6%. The construction budget stands at around €1,638/m², to which a contingency reserve of €310,935 suggested by the monitor has been added. The borrower, DC Manor Limited, is a company created by the developer Denis Corbett to develop the three phases of the project, with a credit rating of 87 out of 100 and the 60 homes of Phases 1 and 2 already delivered; the technical team includes the architects Gleeson McSweeny, the engineer Cronin Sutton Cotter, the quantity surveyor BKMQS and the monitor OCFPM. 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 part of the financing (€1,400,000) is allocated to refinancing existing debt rather than new construction, and that one of the additional collateral items —the development land— currently lacks planning permission: it is valued at €682,500, although the platform indicates that its value could reach approximately €1.6M should such permission be granted, an increase that is not assured as of publication.

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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