The support consists of a €620,000 development loan to a local private developer in support of building six new houses in Mooncoin, County Kilkenny, for Kilkenny County Council. These will be made up of two adjacent sites and consist of six three-bedroom semi-detached homes.
The site is purchased, and construction works have commenced as well as house deposits paid and received. With firm commitment from the local authority 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.
"Property Bridges lenders (general public) funded this development finance and at the same time make a good and fair interest rate return (8.5%) for themselves. As little as €500 euro can get you involved
"PropertyBridges.com plan to lend across the country to 100 plus housing development projects totaling over €100m in lending with support of over 10,000 Irish citizens lending on the platform in the next three years. The average loan size will be approximately €1.1m 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,” a Property Bridges spokesperson said.
“The general public have over €100 billion in their deposit and savings accounts earning little or no interest. Now they can help solve the housing shortage nationwide while making a good return on their money at the same time!
“Property Bridges through its lenders (general public) 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.
“The old system was dominated by banks, middle men, and ultra-wealthy individuals. It’s an inefficient opaque system that benefits the intermediaries and one which ordinary investors have no access to. Our platform removes middle-men, and for the first time unlocks this attractive asset-class for both small investors and institutional investors alike.
“With technology and the direct investment model, borrowers can access funding faster and at lower costs.”
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