New online property crowdfunding platform goes live
A new Irish online peer-to-peer crowdfunding platform that connects investors with experienced developers, has gone live with its first project, a plan to build a two-storey mews house in Sandycove, Co Dublin.
Property Bridges claims to be on “a mission to reshape property finance”. It is offering investors an opportunity to provide funds for the project.
Funds of €450,000 are being sought, with investors required to put in a minimum of €500 into the development. The loan will be raised in two tranches and the borrower will receive funds in two stages as the development progresses.
The loan is secured by the first legal charge against the development site and backers will get 9 per cent interest on their investment.
Construction is expected to take eight months. The estimated value of the completed project is about €850,000.