Indemo Review 2026: Why It Scores 71% Match
- Headquarters
- Riga, Latvia
- Loan type
- Discounted Spanish mortgages
- Supervision
- MiFID II (Latvijas Banka), Nasdaq CSD custody
- Realised return
- 21-22% advertised, 23% average across 13 deals
- Minimum
- EUR 10
- Auto-invest
- Yes
- Operating since
- 2022
The 60-second version
Indemo holds a MiFID II licence from Latvijas Banka and uses Nasdaq CSD for custody of the underlying mortgage notes, placing it under EU prudential supervision with up to EUR 20,000 compensation on eligible claims against the firm. The platform sources mortgage notes from Spanish banks at a discount to face value, typically 40-60 cents on the euro, and works the arrears through its own recovery team. Across 13 completed deals recorded by January 2026, Indemo has paid an average realised return of 23%, exceeding the advertised 21-22% band because several early deals repaid faster than expected. The model is young, the sample is small, and payouts arrive in lumps when a deal closes rather than monthly. Capital at risk. No compensation scheme covers borrower defaults or market losses on the notes.
Five criteria, weighted and scored
Indemo holds a MiFID II licence from Latvijas Banka, the Latvian central bank, which brings EU prudential supervision and up to EUR 20,000 compensation on eligible claims against the firm itself. The mortgage notes sit in custody at Nasdaq CSD, a regulated central securities depository, which means the notes are held outside Indemo's balance sheet and cannot be seized by Indemo's creditors if the platform fails. That custody arrangement is unusual among P2P platforms and substantially reduces platform risk. The compensation scheme does not cover borrower defaults, property market losses, or shortfalls in recovery, and you carry the full credit and collateral risk of the underlying mortgages.
Indemo launched in 2022 and has completed 13 deals by January 2026, paying an average realised return of 23%. No investor has lost capital on a closed deal to date, though the sample is young and several deals remain open. The platform does not report a default rate in the traditional sense because the mortgages are already in arrears when Indemo buys them; the recovery outcome depends on the workout process and the property collateral. The track record is positive but short, and the model has not been tested by a Spanish property downturn or a liquidity crisis that forces the platform to sell notes at deeper discounts.
Indemo advertises 21-22% realised returns, and the platform has exceeded that band across the 13 completed deals, paying an average of 23%. The outperformance stems from faster-than-expected repayments on early deals, which compressed the time to maturity and lifted the annualised yield. Returns are lumpy: you receive nothing until a deal closes, then the full principal plus profit arrives in one transfer. The advertised figure is a projection based on the discounted purchase price and the expected recovery timeline, and actual returns will vary deal by deal depending on how long the workout takes and how much the property fetches at foreclosure.
Indemo publishes the purchase price, face value and property collateral for each mortgage note, along with the expected recovery timeline. The platform does not publish originator concentration data because it buys notes from multiple Spanish banks on an opportunistic basis, and the sourcing network changes deal by deal. Ownership is disclosed in the Latvian company register, and the platform files annual accounts, though those accounts show a young and loss-making business as of the 2024 filing. The lack of a long financial history and the absence of public data on recovery rates beyond the 13 completed deals reduce transparency compared with platforms that have been operating for a decade.
Indemo does not operate a secondary market, and the mortgage notes themselves are illiquid instruments with no active trading venue. You commit capital until the deal closes, which can take one to three years depending on the workout timeline. Auto-invest is available and spreads new deposits across open deals according to the allocation you set. If you need liquidity before a deal matures, Indemo is not the right platform, and you should size your position accordingly.
What works
- MiFID II licence and Nasdaq CSD custody reduce platform risk substantially
- 23% average realised return across 13 completed deals exceeds the advertised band
- Property collateral on every note, sourced from Spanish banks at steep discounts
- Zero capital losses on closed deals to date, though the sample is small
- Auto-invest available to spread deposits across open deals
What does not
- Young model launched 2022, only 13 completed deals by January 2026
- Lumpy payouts: nothing until a deal closes, then full principal plus profit in one transfer
- No secondary market and no liquidity before deal maturity
- Untested by a Spanish property downturn or a liquidity crisis
- Small platform with negative equity in 2024 accounts
How investing in Indemo actually works
- Open an account on the Indemo site and complete KYC verification, which takes one to two business days.
- Transfer funds by SEPA to the Indemo client account, held at a licensed EU bank. Deposits arrive in one to two business days.
- Browse the open deals, each showing the discounted purchase price, face value, property address, and expected recovery timeline. Select a deal manually or enable auto-invest to spread deposits across all open deals.
- Indemo uses your funds to buy a share of the mortgage note at the discounted price. The note sits in custody at Nasdaq CSD under your name.
- Indemo's recovery team works the arrears, negotiating with the borrower or pursuing foreclosure if negotiation fails. You receive updates on the deal page as the workout progresses.
- When the deal closes, the full principal plus profit transfers to your Indemo account in one lump. You can withdraw the funds by SEPA or reinvest in another deal.
Who should invest in Indemo, and who should pass
Indemo suits investors who already hold three to four platforms, want exposure to Spanish real estate distress, and can tolerate lumpy payouts and a young track record. The MiFID II licence and Nasdaq custody reduce platform risk, and the 23% average realised return is the highest recorded property yield in the rated list. Size the position small: five to ten per cent of a multi-platform portfolio, not a core holding. Investors who need monthly income, who cannot wait one to three years for a deal to close, or who want a platform with a decade of repayment data should pass. The model is young, the sample is small, and the underlying credit and property risk remain substantial despite the strong regulatory framework.
Indemo versus three property rivals
| Platform | Match | Supervision | Property type | Realised return | Track record |
|---|---|---|---|---|---|
| Indemo | 71% | MiFID II, Nasdaq custody | Discounted Spanish mortgages | 23% average, 13 deals | 2022, zero losses to date |
| InRento | 80% | ECSP (Bank of Lithuania) | Buy-to-let | ~11.8% | 2020, zero capital losses |
| Profitus | 71% | ECSP (Bank of Lithuania) | Development | ~10% | 2017, EUR 273M funded, zero reported losses |
| EstateGuru | 48% | ECSP (Estonia) | Bridge loans | ~10.4% advertised | 2013, ~60% in recovery January 2026 |
Six questions investors ask about Indemo
Indemo holds a MiFID II licence from Latvijas Banka and uses Nasdaq CSD for custody of the underlying mortgage notes. That combination places Indemo under EU prudential supervision and means the notes sit in a segregated account, outside Indemo's balance sheet. Up to EUR 20,000 on eligible claims against the firm is covered by the Latvian compensation scheme, though that scheme does not cover borrower defaults or market losses on the notes themselves. The custody arrangement substantially reduces platform risk compared with platforms that hold loans on their own balance sheet, but you still carry the full credit and property risk of the Spanish mortgages.
Indemo advertises 21-22% realised returns, and across the 13 completed deals recorded by January 2026 the platform has paid an average of 23%. That figure exceeds the advertised band because several early deals repaid faster than expected, compressing the time to maturity and lifting the annualised yield. The catch is sample size: 13 deals is a young track record, and payouts arrive in lumps when a deal closes rather than monthly. The advertised figure is a projection, and actual returns will vary deal by deal depending on the workout timeline and the recovery amount.
Indemo sources mortgage notes from Spanish banks at a discount to face value, typically 40-60 cents on the euro. The notes are secured by property collateral, and Indemo's recovery team works the arrears, negotiating with the borrower or pursuing foreclosure if negotiation fails. You earn the spread between the discounted purchase price and the amount recovered, whether through repayment or foreclosure sale. The risk is that the property market weakens, the borrower has no equity, and recovery falls short of the note price you paid. The model is untested by a Spanish property downturn, and the small sample of 13 completed deals offers limited data on how the platform performs in stress.
Indemo suits investors who already hold 3-4 platforms, want exposure to Spanish real estate distress, and can tolerate lumpy payouts and a young track record. The MiFID II licence and Nasdaq custody reduce platform risk, but the underlying credit and property risk remain substantial. Investors who need monthly income, who cannot size a position small, or who want a platform with a decade of repayment data should pass. Size Indemo at five to ten per cent of a multi-platform portfolio, not as a core holding.
Indemo's discounted note model is unique in the rated list. InRento offers buy-to-let loans under an ECSP licence with zero capital losses but longer lock-ups and a lower 11.8% return. Profitus offers development loans with zero reported losses but negative equity in the 2024 accounts. EstateGuru offers bridge finance but currently has 60% of the portfolio in recovery. Indemo's 23% realised return is the highest recorded property yield in the comparison, though it comes from a small and young sample. Pick Indemo if you want the highest yield and can tolerate illiquidity and a short track record. Pick InRento or Profitus if you want longer operating history and lower, more predictable returns.
No. Indemo does not operate a secondary market, and the mortgage notes themselves are illiquid instruments with no active trading venue. You commit capital until the deal closes, which can take one to three years depending on the workout timeline. If you need liquidity before maturity, Indemo is not the right platform. Size your position with that lock-up in mind, and only invest money you can leave untouched for the duration of the deal.
The verdict: a specialty position sized small
Indemo earns a 71% match on the strength of its MiFID II licence, Nasdaq custody, and 23% average realised return across 13 completed deals. The regulatory framework is unusually strong for a P2P platform, and the discounted Spanish mortgage model offers exposure to a niche that no other rated platform covers. The catches are youth, sample size and illiquidity. The platform launched in 2022, the track record is 13 deals, and you cannot exit before a deal closes. Size Indemo at five to ten per cent of a multi-platform portfolio, not as a core holding. Investors who need monthly income or who want a platform with a decade of repayment data should look at InRento or Profitus instead. Capital at risk. The compensation scheme covers up to EUR 20,000 on claims against the firm, but no scheme covers borrower defaults or property market losses.
Compare Indemo with all 19 platforms in the ranking, or read how property-backed P2P lending actually works.