wecity places the million of Lucca's Phase II in twelve hours and completes the 2,100,000 € loan

29/10/2026 – ⏱ 2 min · By Realty Investor Editorial Team

Phase I of the same building took four days; the works are at 43 % and three of the eleven apartments are sold

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

Twelve hours. That is how long wecity took to raise the 1,000,000 € of Phase II to complete the refurbishment of the building at Via Teresa Bandettini 580, in Lucca (Italy), at a pace of 1,389 € per minute. The platform has not published how many investors took part. With this closing, the 2,100,000 € loan is fully placed.

The comparison is in the same building: Phase I needed four days to place 1,100,000 €, at 191 € per minute. This second phase has gone seven times faster.

The borrower is Effea srl, which specialises in luxury residential refurbishment in Lucca and Pescia. The building has 1,083 m² of built area and will yield eleven apartments and 22 parking spaces, with a 2025 permit in force.

The works are 43 % advanced and three of the eleven apartments are sold, against one in August. The exit comes with the sale of the homes, so eight are still to be placed.

The operation is a loan: investors lend the money to the developer through the platform, which repays it with interest at the end of the term, here at a fixed rate of 11.25 % per year with six months of lock-in. The security is a first-ranking mortgage over the building and the plot. Not all the money reaches the works: wecity's success fee, 4.25 % plus VAT, and the costs of registering the mortgage are financed inside the loan, and the funds sit in an escrow account released by an external verification firm.

Two things from the file are worth remembering. The sheet contradicts itself on the term — twelve months plus six of extension in the body, ten plus six in the conditions table — and the 9.38 % estimated total return fits the ten months, not the twelve. And none of the three LTVs it published corresponded to this phase: measured over both, coverage is 73.7 % against the current value of 2,850,000 € and 44 % against the 4,774,000 € completed value.

Investing in real-estate crowdfunding carries the risk of losing part or all of the capital: the money is locked up until maturity, returns are not guaranteed and there is no deposit guarantee fund cover. The speed of a fundraising says nothing about how the operation will end. Non-sophisticated investors have four calendar days to withdraw their investment offer without penalty.

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