PropertyBridges.com Successfully Completes First Ever Peer to Peer Property Loan in Ireland
Propertybridges.com, Ireland’s new peer to peer lender to the property development marketplace, has just successfully fulfilled its first loan. Over 100 lenders piled into the 250k loan for a new mews build in Sandycove, County Dublin and supported the small developer as well as made 8.5% return for themselves. The whole process took less than 2 weeks.
Since its launch 3 months ago, propertyBridges now has almost 1000 lenders signed up to its platform. PropertyBridges.com who plan to lend across the country to 100 plus development projects, totaling over €100 million in lending with support of over 10,000 Irish citizens lending on the platform in the next 3 years. The average loan size will be approx. €1.1 million and lenders can lend into each loan from as little as €500 up to a maximum of €100,000 and will return on average approx. 8%+. The public’s money will work alongside and in conjunction with institutional and private investment funds.
The company will raise this money for small developers, medium sized construction firms and private companies looking to develop housing and match them with thousands of lenders from the ordinary citizens of Ireland.
PropertyBridges.com, after this success of Sandycove loan is about to launch its second loan. This time, it is in Mooncoin, County Kilkenny, and consists of a 620K development loan to a private small developer in support of building six new houses for Kilkenny County Council – see picture.
The site is purchased, and construction works have commenced as well as house deposits paid and received. With firm commitment from the Kilkenny County Council to buy the homes when completed and a good return for lenders of between 8-10%, this proves another ideal project for the Propertybridges.com platform.
