Pre-opening | wecity Opens Phase II of €900,000 to Refurbish a 13-Home Building in Pisa

20/10/2026 – ⏱ 2 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.

wecity is preparing the second call of the loan secured by a first-ranking mortgage granted to Turati 719 Srl, part of Gruppo Del Gaudio, to refurbish a building at Via Filippo Turati 7-19 in Pisa (Italy), with 13 apartments and parking spaces.

The total loan amounts to €2,600,000 across three phases, with a nominal annual interest rate of 11% and an ordinary term of 15 months plus a possible six-month extension, six months of minimum holding and interest paid at maturity. This Phase II is €900,000 earmarked for construction, and the total estimated return is 13.75%; this estimate is subject to investment risk and is not guaranteed. The minimum investment is €500, a cap that also applies per user during the first ten minutes, and the internal rating is AA. With Phase I, closed in July for another €900,000, €1,800,000 would be drawn and €800,000 left to open.

Asset Description, Planning Progress and Commercial Traction

The building has 1,200 m² of built area in an area close to the city centre, to Pisa Centrale station and to the university. The permit was processed through a responsible declaration. At the end of September construction stood at 17%: in June it had not yet started. Marketing has still not begun and the developer will start it once progress is significant. The planned exit route has changed: in June it was bank refinancing and now it is the sale of the units.

Financial Architecture, Coverage Ratios and Real Security

Besides the mortgage, the use of funds is monitored by an external firm and the security is administered by an agent named in the loan agreement. The developer has contributed €1,342,000 of its own funds to buy the asset, €122,000 more than in June. RYZE's valuation puts the current value (ECO) at €2,345,000 and the completed-building value (HET) at €5,262,200, against €1,760,000 and €4,868,000 four months ago. wecity charges a success fee of 4.50% plus VAT, deducted before the money is handed to the developer.

The ratios need care. The 34.21% LTV does not correspond to this phase: it is the €1,800,000 of the first two drawdowns over the HET; the €900,000 on offer now works out at 17.1%, and the full loan at 49.4%. In June, the 53.41% disclosed was the whole loan over the HET at the time: the two figures are not comparable. The first-drawdown LTV, 8.53%, is calculated on the current valuation and not on the HET. And the own-funds percentages — 31.94% in June and 35.13% now — point to a total of around €3.82 million, below the €3.94 million those funds and the full loan add up to.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period in which to withdraw their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product; the platform recommends not allocating more than 10% of net worth to this type of project. It carries the risk of illiquidity and of partial or total loss of principal. It is not supervised by the CNMV or the Bank of Spain, and it has no cover under Directives 2014/49/EU or 97/9/EC. Investors may not recover the capital contributed.

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