Pre-opening | wecity finances Phase I of the renovation of a 13-home building in Pisa (Italy) through a €900,000 loan

30/06/2026 – ⏱ 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 is preparing an investment opportunity in Pisa (Italy). The operation consists of granting a loan secured by a first-rank mortgage to the company Turati 719 Srl, part of Gruppo Del Gaudio, intended for the renovation of a building located at Via Filippo Turati, 7-19, where 13 apartments with parking spaces will be developed. Investors should keep in mind that any expected return is inseparable from the corresponding risk, which is described below.

The total loan amounts to €2,600,000, structured in three phases, with a nominal annual interest rate of 11% (TIN) and an ordinary term of 18 months, extendable by an additional 6 months. This call activates Phase I for €900,000, allocated to the first construction phase. The total estimated return is 16.50%; this estimate is subject to investment risk and is not guaranteed. The contract includes a 6-month lock-up period and interest paid at maturity. The minimum investment is €500 per user, the asset has a credit rating of AA, and the investors' exit is expected through bank financing.

Asset Description, Technical Progress and Commercial Traction

The asset is a building with a built area of 1,200 m² located at Via Filippo Turati, 7-19, in Pisa, in an area close to the city center, the Pisa Centrale station, the Università di Pisa and the airport. The project involves the renovation of the property for the development of 13 apartments with parking spaces. On the urban-planning side, the license has been processed through a responsible declaration. Commercially, marketing will begin once the developer has started the works and they show a significant degree of progress.

Financial Structure, Coverage Ratios and Collateral

The funding structure combines the developer's contribution with participatory financing: the developer company has contributed €1,220,000 in equity for the acquisition of the asset, equivalent to 31.94% of the total funds required, while the wecity loan for this Phase I amounts to €900,000. According to the appraisal report prepared by RYZE, the current appraisal (ECO) of the asset amounts to €1,760,000 and the valuation under the Completed Building Hypothesis (HET) to €4,868,000. Against these figures, the loan implies an LTV on the HET of 53.41% and a first-drawdown LTV of 51.14%.

The collateral of the operation is a first-rank mortgage over the Pisa asset, whose constitution, management and eventual enforcement are the responsibility of a Security Agent external to wecity. The use of funds will be monitored by an external monitoring firm and the movements are channeled through the payment institution Lemonway. The project is promoted by Gruppo Del Gaudio, a construction and real estate development company based in Florence and active in the Tuscany region, which has developed its own residential projects since 2019.

In compliance with the European Crowdfunding Regulation (EU) 2020/1503, it is recalled that non-experienced investors have a four-calendar-day reflection period during which they may revoke their investment offer at no cost and without justification. It is also warned that this is a participatory financing product —not a deposit or a guaranteed savings product— and that real estate investments carry risks of illiquidity and partial or total loss of principal; this vehicle is not supervised by the CNMV or the Bank of Spain, and lacks the coverage of the deposit guarantee fund or the investor compensation scheme.

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