Pre-opening | Trusters Opens a Second Tranche to Convert an Office into Five Homes in Padua

06/10/2026 – ⏱ 4 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

The Italian platform Trusters is preparing a second tranche of financing for the Martini group — Martini Opere Srl, Martini Luxury Srl and Borghese Srl — on the same asset it financed in September: an office of some 335 sqm gross in Padua that will be converted into five homes. It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The operation needs placing in context, because it is the second offering on a single property. On 21 September we reported the first tranche of this same conversion, with identical asset, developer, project and terms. Anyone taking part in both concentrates risk in one operation, and since neither fact sheet publishes its amount, the project's total exposure cannot be quantified.

The annual rate depends on the amount invested: 11.00% between €250 and €999; 11.50% between €1,000 and €4,999; 12.00% between €5,000 and €14,999; and 12.50% from €15,000. Investments made in the pre-reservation phase add a further percentage point, but only from €1,000: the lowest band is excluded from that incentive. The fact sheet presents these figures as a "minimum return", wording that should not be read as a guarantee. The minimum investment is €250 and the platform assigns the group an internal A rating, its own and not comparable to the agencies'.

As in the first tranche, the fact sheet does not state the amount to be raised, the type of security backing the loan, or any valuation or loan-to-value ratio. These are essential figures investors must verify in the contractual documentation before committing funds.

Asset description, construction progress and sales traction

The property occupies the first floor of a mixed-use building between Via Nicolò Tommaseo, Corso del Popolo and Via Trieste, facing Piazza Alcide De Gasperi, minutes from the station and the university campuses. The project changes the use from office to residential and creates a studio of some 51 sqm, three two-room flats of 58 to 65 sqm and one three-room of some 102 sqm, plus two parking spaces for two of the units, with renewed services and an upgrade to the existing central heating.

Two points remain unresolved. The authorisation is a notification of commencement of works (CILA), a prior-notification instrument rather than a building licence proper, for a project involving a change of use and subdivision: its scope is worth verifying. And the purchase was made by assignment of another company's preliminary contract, with the final deed still pending, so the borrower is not yet full owner of the property.

On sales, two of the five units have signed purchase offers, which the fact sheet also describes as reservations; they are not formalised sale agreements. Delivery is expected in September 2027, and the first tranche's ambiguity reappears: the fact sheet announces an expected duration of 15 months, but the body sets repayment at "15 months from completion of delivery", which would place maturity well beyond fifteen months from the raise. That is a material difference to be clarified in the contract.

Financial structure, coverage ratios and security

There are no ratios to analyse, because the fact sheet publishes none: no valuation, no LTV, no LTC, no total cost, no purchase price and no projected sale price. Nor does it describe any security over the property. The group also acts as builder and general contractor, and the budgets rest on its own price lists, with no external validation in the file: that speeds up the start of works, but leaves the cost estimate in the borrower's hands.

On the track record, precision matters. The platform states that the group has repaid more than €3,000,000 in principal and interest, but the sum of the principal actually listed as repaid is €2,868,350: the three million is only reached by including a €500,000 operation in Fiesso d'Artico that the fact sheet itself marks as ongoing. In addition, the figure attributed to Borghese Srl is written as "€998,350,000" through a typographical error of three orders of magnitude; its operations add up to €998,350. Martini Opere (€1,120,000) and Martini Luxury (€750,000) do match the detail published.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product. It carries risks of illiquidity and of total or partial loss of principal. It is not supervised by the CNMV or the Bank of Spain, and has no cover under Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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Realty Investor

Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.