Platform review Updated January 2026
Discounted Spanish mortgage notes, MiFID II licence, Nasdaq custody and a 23% average return on 13 completed deals. Young model, lumpy payouts, specialty sizing.
Green list
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Indemo is a MiFID II-licensed platform operating from Latvia that lets European investors buy discounted Spanish mortgage notes. The platform sources non-performing or distressed mortgages from Spanish banks and servicers, acquires them at steep discounts - often 30 to 50 percent below the outstanding loan balance - and structures them as short-term investment notes with durations ranging from six to 24 months. When the borrower repays or the underlying property sells, investors receive principal plus the spread between purchase price and recovery amount.
Since launching in 2022, Indemo has completed 13 deals and delivered a 23 percent arithmetic-mean return to investors. Individual outcomes varied widely - some deals closed above 30 percent, a few lost capital - so the average is not a guarantee. The platform uses Nasdaq CSD for custody, which means mortgage assignment contracts sit in segregated accounts outside Indemo's balance sheet; if the platform fails, your notes remain legally yours. The MiFID II licence imposes conduct and capital adequacy rules but carries no compensation scheme for borrower defaults or property value drops.
Indemo sits on our Green list with a B+ grade. The regulatory structure and custody arrangement place it above unregulated property platforms, and the delivery track record shows the model can work. The B+ instead of A reflects the young age - four years versus Mintos's eleven or InRento's six - and the lumpy payout structure, which suits satellite money rather than monthly-income needs. Most investors allocate 5 to 10 percent of their P2P capital here, keeping the core in platforms like Maclear or InRento that pay monthly and carry longer track records.
We grade every European P2P platform A+ to D across five checks, weighted by what actually protects your money. Indemo's B+ reflects strong regulatory standing and a short but clean delivery record, offset by the model's youth and the inherent lumpiness of distressed-mortgage investing. Here is the check-by-check breakdown.
Weight: 30% of the grade. Indemo holds a MiFID II licence from Latvijas Banka, the Latvian financial regulator, which imposes conduct rules, capital adequacy thresholds and client-money segregation requirements on the platform itself. The licence does not create a compensation scheme for borrower defaults or property value drops - your capital remains at risk if a Spanish mortgage borrower stops paying or the underlying property loses value. What lifts the score above mid-tier platforms is the Nasdaq CSD custody arrangement: mortgage assignment contracts are held in a central securities depository, legally separated from Indemo's own assets. If the platform fails, your notes do not enter its insolvency estate. This structure mirrors how shares are held in a brokerage - you own the asset, the intermediary just administers it. The 70 percent reflects solid structural protection against platform risk, with no cover for the underlying credit or property risk.
Weight: 20% of the grade. Indemo launched in 2022 and has completed 13 mortgage deals as of January 2026, delivering a 23 percent arithmetic-mean return across those transactions. Individual outcomes ranged from capital losses on deals where property sales fell short of expectations to gains above 30 percent on quick resolutions. The platform's public dashboard shows each closed deal with entry price, exit proceeds and holding period. The 65 percent score reflects a clean record with no platform-caused failures - every deal that closed paid investors - but the sample size is small and the timeframe short. A four-year track record cannot tell us how the model performs through a full Spanish property cycle or a European recession. For comparison, InRento has six years and zero capital losses across hundreds of loans; Indemo has four years and 13 deals. The model works, but it is not yet stress-tested.
Weight: 20% of the grade. Indemo advertises expected yields of 21 to 22 percent on new deals, and the platform's completed-deal history shows a 23 percent arithmetic mean - meaning realised returns slightly exceed advertised figures. This is rare in P2P lending, where most platforms deliver 2 to 5 percentage points below headline rates once fees, delays and defaults are factored in. The gap here works in the investor's favour because Indemo prices deals conservatively: the platform buys mortgages at deep discounts, models a range of recovery scenarios, then structures the note to deliver the advertised yield even in the base-case outcome. When a property sells above the base case or a borrower repays faster than expected, the upside flows to investors. The 75 percent score - instead of 85 or 90 - reflects two points: first, the 13-deal sample is too small to declare victory; second, the variance is wide, meaning some deals lost capital even as the average came in high. An investor buying a single note faces real downside risk.
Weight: 15% of the grade. Indemo is owned by a Latvian holding company with no apparent related-party concentration in the mortgage portfolio - the platform sources deals from Spanish banks, servicers and auction houses, not from entities controlled by the owners. The corporate structure is straightforward: a single operating entity licensed by Latvijas Banka, with Nasdaq CSD handling custody. Transparency sits above average for the sector: the platform publishes a public dashboard showing every live and completed deal, including purchase price, loan-to-value ratio, expected duration and actual exit proceeds. What holds the score below 75 percent is the limited financial disclosure - Indemo does not publish audited accounts on its site, and the Latvian business register shows only summary figures. The platform is operationally transparent but financially opaque compared to Mintos, which files detailed annual reports. The 68 percent reflects clean ownership with room for deeper disclosure.
Weight: 15% of the grade. Indemo offers no secondary market. When you invest in a mortgage note, your capital is locked until the deal closes - either the borrower repays, the property sells, or the platform writes off the loan. Expected durations range from six to 24 months, and actual holding periods sometimes stretch longer if a property sale takes time. This structure is inherent to distressed-mortgage investing: the asset is illiquid by nature, and building a secondary market for a portfolio of 13 deals would be uneconomical. The 55 percent score reflects honest illiquidity with no false promises. Some competitors claim "anytime withdrawal" but suspend it when cash runs low; Indemo tells you upfront that your money is locked until the deal pays. The score would be lower if the platform locked capital for five years; the 6-to-24-month range keeps it in the middle. Indemo is not the place for money you might need before the note matures.
Sign up with email, complete KYC (passport or ID card, proof of address) and link a SEPA bank account. Verification takes one to three business days. No minimum deposit - you transfer funds when you are ready to invest.
Transfer EUR from your bank using the platform-provided SEPA reference. Funds arrive in one to two business days and sit in a segregated client-money account at a licensed EU bank until you allocate them to deals.
New mortgage deals appear sporadically - sometimes one per month, sometimes three. You can manually select deals based on loan-to-value ratio, expected duration and yield, or set auto-invest filters to allocate funds automatically. Minimum EUR 10 per note.
Your capital is locked in the note until the Spanish borrower repays or the underlying property sells. The platform publishes progress updates on each deal - court filings, property valuations, buyer negotiations. Holding periods range from six months to over two years.
When the deal closes, principal and interest arrive in your Indemo wallet in a single payment. You can withdraw to your bank or reinvest in new deals. The payout amount reflects the actual recovery minus platform fees - sometimes above the expected yield, sometimes below.
Indemo fits: satellite money you can lock for 6 to 24 months, investors comfortable with lumpy payouts instead of monthly income, portfolios seeking exposure to Spanish property recovery without buying physical real estate, allocation sizes of 5 to 10 percent within a broader P2P portfolio.
Indemo does not fit: your first EUR 1,000 in P2P (start with monthly-paying platforms like Maclear or InRento), money you might need before the note matures, investors who require predictable monthly cash flow, core allocation in a retirement or income-focused portfolio.
| Platform | Grade | Yield | Licence | Payout | Since |
|---|---|---|---|---|---|
| Indemo | B+ | 21-22% | MiFID II (LV) | Lumpy | 2022 |
| InRento | A | ~11.8% | ECSP (LT) | Monthly | 2020 |
| Crowdpear | B | 10.6-14% | ECSP (LT) | Lumpy | 2021 |
Indemo delivers higher yields than other Green-list property platforms but accepts lumpy payouts and a young track record. InRento pays monthly, holds an ECSP licence and has six years with zero capital losses, but yields half of Indemo's 23 percent average. Crowdpear sits closer on yield and structure - both fund property deals with irregular payouts - but Crowdpear focuses on Baltic development loans while Indemo buys Spanish distressed mortgages. The models are complementary: an investor seeking property exposure might hold InRento for monthly income and core stability, then add 5 percent each in Indemo and Crowdpear for higher-yield satellite positions.
Indemo holds a MiFID II licence from the Latvian regulator Latvijas Banka, which imposes conduct and capital adequacy rules on the platform itself. The licence does not create a compensation scheme for borrower defaults or property value drops - your capital remains at risk if a Spanish mortgage borrower stops paying or the underlying property loses value.
Indemo uses Nasdaq CSD (Central Securities Depository) to hold mortgage assignment contracts in segregated custody. This means the notes are legally separated from Indemo's own assets - if the platform fails, your mortgage assignments remain yours. Custody does not insure you against borrower default or property value loss; it protects only against platform bankruptcy.
Indemo buys Spanish non-performing or distressed mortgages at steep discounts - often 30 to 50 percent below the loan balance - then structures them as short-term notes. When the borrower repays or the property sells, the spread between purchase price and recovery amount creates the yield. The 23 percent figure is the arithmetic mean of 13 completed deals; individual outcomes ranged from losses to above 30 percent gains, and future deals may not replicate past averages.
Lumpy payouts means you receive principal and interest in irregular chunks when each mortgage resolves - not monthly interest like a consumer loan. A deal might close in six months or stretch to 24 months, and the entire return arrives at once. This structure suits satellite money you do not need for regular income. Most investors allocate 5 to 10 percent of their P2P capital to Indemo, keeping the bulk in monthly-paying platforms like Mintos or Maclear.
Indemo sits on the Green list with a B+ grade, meaning it passes our baseline checks for regulatory standing and delivery track record. However, the model is young - launched in 2022 - and the mechanics differ sharply from standard P2P lending. A beginner building their first EUR 1,000 portfolio should start with monthly-income platforms like InRento or Maclear, then add 5 to 10 percent in Indemo once they understand how discounted mortgage notes work and can tolerate irregular cash flows.
Indemo offers auto-invest, which allocates your funds automatically across new mortgage deals as they appear on the platform. The minimum investment per note is EUR 10, and you can set filters by loan-to-value ratio, expected duration and yield band. Because deals arrive sporadically - sometimes one per month, sometimes three - auto-invest helps you maintain exposure without checking the site daily.
Housers and October fund new property developments or business loans; Indemo buys existing distressed mortgages at a discount. The risk profiles differ: development platforms face construction and sales risk, while Indemo faces recovery and property-value risk. Indemo's 23 percent average return on 13 deals exceeds the typical 8 to 12 percent on development crowdfunding, but the sample size is small and the model less stress-tested. For diversification, an investor might hold both a development platform and Indemo in the satellite sleeve of their portfolio.
Indemo earns a B+ grade and a Green-list spot because it holds a MiFID II licence, uses Nasdaq CSD custody to separate your notes from platform risk, and has delivered a 23 percent average return on 13 completed Spanish mortgage deals since 2022. The regulatory structure places it above unregulated property platforms, and the delivery record shows the distressed-mortgage model can work in practice.
The grade sits at B+ instead of A because the track record is young - four years versus InRento's six or Mintos's eleven - and the payout structure is lumpy, meaning you receive capital and interest in irregular chunks when each deal closes rather than monthly. A four-year history cannot tell us how the model performs through a Spanish property downturn or a European recession, and the wide variance in individual deal outcomes - some lost capital, some exceeded 30 percent - means a single-note investor faces real downside risk.
Indemo fits satellite money you can lock for 6 to 24 months and do not need for monthly income. Most investors allocate 5 to 10 percent of their P2P capital here, keeping the core in monthly-paying platforms like Maclear or InRento. If you want exposure to Spanish property recovery without buying physical real estate and can tolerate irregular cash flows, Indemo is a defensible bet. If you need predictable monthly income or are building your first EUR 1,000 P2P portfolio, start elsewhere and add Indemo once you understand how discounted mortgage notes work.
Indemo's lumpy payouts suit satellite money. For your core allocation, consider Maclear (A+ grade, EUR 30 bonus) or InRento (A grade, monthly rent) - both pay predictably and carry longer track records. Once you understand P2P mechanics, add 5 to 10 percent in Indemo for higher-yield property exposure.
See Maclear review