Next Opening | Walliance prepares 700,000 € for four villas in Cirimido (Como) with no sales and no permit granted

28/10/2026 – ⏱ 3 min · By Realty Investor Editorial Team

This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.

Walliance is preparing a 700,000 € loan to Cirimido Srl for four homes in Cirimido (Como, Italy).

The gross rate is 12.00 % per year and the term fifteen months with no grace period, with capital and interest at maturity; minimum 500 €. The 15.00 % total return is that rate pro-rated over fifteen months and it checks out, but the developer may extend by six more months at its own discretion: the term would reach twenty-one and the payment shifts to the end. No reference is guaranteed.

Asset Description, Technical/Planning Progress and Commercial Traction

There will be four homes in three X-LAM timber villas: two detached and one semi-detached pair holding two houses. The land was bought by deed on 25 September. The permit has not been granted: it was applied for on 24 June, the Municipality gave notice of issue on 31 July and the company paid the fees on 7 October. The expert estimated some twenty days from that payment, a window that closes this week, without the sheet confirming the issue. Without the permit the funds raised are not disbursed.

No sale or reservation has been reported. Of the 1,263,004 € of cost, 213,004 € — 17 % — are deposits from buyers who do not exist.

Financial Architecture, Coverage Ratios and Real Security

The accounts add up to the cent: the cost lines total the 1,263,004 € declared and the four sale prices, the 1,675,000 € of income, the difference being the gross profit of 411,996 €. The loan is 55.4 % of the cost. There is no independent appraisal, so there is no LTV: the only measurable coverage is the 41.8 % against sales that are the developer's own asking prices.

There is no mortgage. The security is an autonomous first-demand guarantee for 120 % of the loan and its interest, some 966,000 €, whose issuer the sheet does not identify; a strong patronage from Milano20 Srl covering those deposits and down payments until they are collected; and the subordination of 350,000 € of shareholder loans until the crowdfunding is repaid, which is what the funding table calls the developer's "equity". There is no insurance cover.

That guarantee is worth whatever Milano20 is worth, the sponsor and owner of 76 % of the borrower. Its 2025 balance sheet declares 3,639,164 € of assets, 3,208,219 € of debt — 1,541,940 € falling due within the year — and 315,244 € of equity: ten times more debt than own funds, with 356,371 € of EBITDA. Nor do the figures close: assets less debt leaves 430,945 €, not the 315,244 € declared. The rating is BBB, and the sheet's own text adds that operating margins are insufficient to cover finance costs.

The track record is of a different product: 23 operations and 65 flats in Milan, returns of 28 % to 67 % on office splits and refurbishments. Past returns do not indicate future ones. The Uggiate Trevano operation Walliance financed in February came out in the same province and on the same terms, but with four of six villas sold.

Non-sophisticated investors have four calendar days to withdraw their offer without penalty. This is crowdfunding, not a deposit: it carries the risk of illiquidity and of total or partial loss of the principal, it is not supervised by the CNMV or the Bank of Spain and it has no cover under Directives 2014/49/EU and 97/9/EC.

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