PropertyBridges.com issues first loan
Newly-established peer-to-peer property lender, PropertyBridges.com has issued its first loan for €250,000 to the developer of a new mews build in Sandycove in south Dublin. In excess of 100 parties reportedly contributed to the loan facility, which was issued to the borrower in less than two weeks.
PropertyBridges.com says that it has signed up in the region of 1,000 lenders to its platform since its launch three months ago. The new vehicle aims to lend in excess of €100m in total to over 100 projects across the country within the next three years with the support of 10,000 Irish citizens. The average loan size will be €1.1m, with lenders contributing as little as €500 up to a maximum of €100,000, with a return on average of 8pc. The public's money will work alongside and in conjunction with institutional and private investment funds.