Pre-opening | wecity finances Phase I of the refurbishment of an 11-apartment building in Lucca (Italy) through a €1,100,000 loan at 11.25% with a first-rank mortgage

12/08/2026 – ⏱ 3 min

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

The crowdfunding platform wecity (a crowdfunding service provider authorised by the CNMV under registration number 9) is preparing to launch a real estate investment opportunity in Lucca (Italy). The operation consists of a fixed-rate mortgage loan secured by a first-rank charge granted to the developer Effea srl, intended for the purchase and completion of the refurbishment of a building located at Via Teresa Bandettini 580, where 11 apartments and 22 parking spaces (11 covered and 11 uncovered) will be developed, along with a plot of land at the same location. This call activates Phase I of a total loan of €2,100,000 structured in two phases. It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

The call sets a funding target for this Phase I of €1,100,000 and a nominal annual interest rate of 11.25% (TIN), with an estimated total return of 11.25% on the capital contributed; this estimate is subject to investment risk and is not guaranteed. The ordinary term has been set at 12 months, with the option of a 6-month extension, and includes a lock-up period of 6 months. Interest is paid at maturity, the minimum investment is €500 per user, and the asset holds a credit rating of A.

Asset Description, Project Progress and Sponsor

The asset is a building located at Via Teresa Bandettini 580, in Lucca (Italy), with a built area of 1,083 square metres, on which 11 apartments and 22 parking spaces will be developed, together with a plot of land at the same location. In planning terms, the licence was obtained in 2025 and is in force; commercially, at the time of the call 1 of the 11 homes had been sold (9%). The purpose of this phase's financing is the purchase and the refurbishment works, and the investors' exit is planned through the sale of the homes.

The developer, Effea srl, is a real estate and residential refurbishment company specialising in the restoration and modernisation of residences and properties in Tuscan locations such as Lucca and Pescia, according to the information provided by the sponsor. To date, the developer has contributed €1,063,000 in own funds for Phase I of the works, which represents 31.97% of the total funds required for the development of the project.

Financial Structure, Coverage Ratios and Collateral

The main collateral of the operation is a first-rank mortgage over the assets located at Via Teresa Bandettini 580. According to the valuation report prepared by RYZE, the Current Valuation (ECO) amounts to €2,756,000 and the Finished Building Hypothesis (HET) valuation to €4,774,000. The loan for this first phase, of €1,100,000, results in a first-drawdown LTV of 39.91% and an LTV HET of 43.98%. The creation, preservation, management, administration and any enforcement of the collateral will be handled by a Security Agent external to the platform, and the use of funds will be supervised by a monitoring company external to wecity.

In compliance with European crowdfunding regulations, it is recalled that non-sophisticated investors have a pre-contractual reflection period of four calendar days during which they may withdraw their investment offer without justification or penalty. This is a crowdfunding product and not a deposit or a guaranteed savings product. Real estate investments carry risks of illiquidity and total or partial loss of principal; this project is not supervised by the CNMV or the Bank of Spain, and is not covered by the deposit guarantee scheme (Directive 2014/49/EU) or the investor compensation scheme (Directive 97/9/EC).

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