Peer to peer lender Propertybridges.com said it has successfully fulfilled its first loan.
The lender, which focuses on the property development market, said that over 100 lenders were involved in the €250,000 loan for a new mews build in Sandycove in Co Dublin.
As well as supporting the small developer, the lenders made a 8.5% return for themselves.
PropertyBridges.com plan to lend to over 100 development projects around the country.
This will bring total lending to over €100m with over 10,000 Irish citizens lending on the platform in the next three years.
The average loan size will be about €1.1m and lenders can put as little as €500 up to a maximum of €100,000 into each loan for an average return of more than 8%.
The lender said the public's money will work alongside and in conjunction with institutional and private investment funds.
After the successful Sandycove loan, Propertybridges is launching its second loan - a €620,000 development loan to a private small developer in support of building six new houses for Kilkenny County Council in Mooncoin.
