Once the real estate project is approved and can be submitted on the platform, the financing process starts, consisting of several steps.

1. Creation of the SPV

The Issuing Company creates the SPV that develops a real estate project (direct investment) or finances a company that develops a real estate project (indirect investment).

2. Capital increase

The SPV resolves to increase its capital by subscribing "Wall" or "Wall FR" shares.

3. Capital raising process

After the creation of the project tab, users registered on Walliance invest in the SPV by purchasing its shares.

Creation of the project tab

Within the Walliance portal, a "project tab" is created dedicated to the real estate development for which the Issuing Company requests financing, which will contain the complete information and documentation relating to the project. For each transaction - according to Consob Regulations - the Conditions of Offer, the Business Plan of the transaction, the Business File or the Chamber of Commerce, the Memorandum of Association, the Declaration of Honourability Requirements, and the Curriculum Vitae of the Bidder must be present.

In addition, thanks to the partnerships that Walliance has entered into with JLL and Ernst&Young, investors are provided with one of the following documents: the Property Outlook provided by JLL, or the Selling Information Memorandum provided by EY.

Raising capital

This phase consists of 6 steps.

  1. The project is presented to the public for the first time through a phase known as "coming soon" - lasting the period of time necessary to complete all the bureaucratic and administrative procedures required for financing - during which it is not possible for users to view the content and documentation included in the project tab, but only to know the financial data and the location of the property development, and the name of the Issuing Company.

  2. If the real estate project requires equity financing, it is then presented on the platform in a 24-hour "preview" phase in which all content entered in the project tab is made accessible to all registered users of the portal. The possibility of placing an investment order is reserved exclusively for investors and financiers with a Première account, starting with minimum investment tickets of € 10,000.

  3. At the end of the "preview" phase (for equity financings) and at the end of the "coming soon" phase (for debt financings), the raising of the financing is opened. In this phase, investors may place their investment order, starting from a minimum investment ticket established in advance with the Issuing Company, until the maximum amount of the funding established is reached (and no later than 30 days from the opening of the funding raising).

  4. The project will be considered "financed" if the target amount is reached during the funding round.

  5. The amount collected will then be paid by the investors through bank transfers to an unavailable current account, previously opened by the Issuing Company - assisted by Walliance - at the partner institution Banca Finint or Mangopay.

  6. Once all the investors' transfers have been received, verified, and confirmed by Walliance, the Offer will be considered finalized and the amount collected will be credited to an available current account in the name of the Issuing Company.

4. Communications to investors

The Issuer is required to reply to investors' questions through the Q&A area until the date of finalization of the offer. Thereafter, it will maintain constant communication with the Project Manager assigned to the project, who will be responsible for sending updates and information of a material nature to its investors, such as, by way of example and without limitation:

  • monthly updates regarding the most relevant news on the progress of the real estate project;

  • periodic reports at regular intervals;

  • significant changes in the organizational and managerial structure;

  • changes relating to the persons who hold the control of the Issuer;

  • launch of new products, new business projects, expansion into new markets;

  • any public and private events promoted by the company;

  • any capital increases, or extraordinary transactions such as, by way of example, acquisitions and/or mergers.

5. Conclusion of the operation

Once the Real Estate operation is completed, after all the real estate units have been sold according to the Business Plan, the exit for investors will take place (for more information please refer to the article "How and when Exit happens?").

The Issuing Company, with the help of Walliance, will produce and publish - exclusively for its investors or lenders - the final report of the real estate transaction.

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