The 60-second version
Indemo holds a MiFID II investment-firm licence from Latvijas Banka and uses Nasdaq CSD for custody, placing it among the most regulated mortgage-note platforms in Europe. The platform buys Spanish mortgage loans at steep discounts - typically 40-60 percent below face value - then passes the yield to investors when borrowers refinance or properties sell. Thirteen completed deals delivered a 23 percent average realised return between 2022 and early 2026, with individual exits ranging from 18 to 28 percent.
Indemo earns 3.8 out of 5 stars - solid on investor protection and honest yields, weaker on track-record depth and exit flexibility. The MiFID II licence brings up to EUR 20,000 compensation on eligible claims, though no scheme covers borrower defaults or Spanish property-market falls. Payouts arrive in lumps when a deal closes, so monthly income swings widely. The model concentrates risk in single properties and individual borrowers, sizing this as a 5-10 percent portfolio slice rather than a core holding.
Capital at risk. P2P returns are never guaranteed, platforms can fail, and no compensation scheme covers borrower defaults.
How the five checks scored
We rate every European P2P platform out of 5.0 stars from five equal checks at 20 percent weight each: investor protection, delivery track record, honest yields, transparency and exit options. Indemo scored 3.8 stars overall.
Investor protection: 4.2/5.0
Indemo holds a MiFID II investment-firm licence from Latvijas Banka, the same regulatory tier as Mintos and Nectaro. The licence brings up to EUR 20,000 compensation on eligible claims if the platform fails - but not on borrower defaults. Nasdaq CSD custody ring-fences investor holdings outside Indemo's balance sheet, so platform insolvency does not erase your notes. The custody arrangement is unusual for a P2P mortgage platform and adds structural separation most rivals lack. We score 4.2 out of 5.0 because the scheme never covers the core credit risk - a Spanish borrower who defaults or a property that sells below the loan balance.
Delivery track record: 3.6/5.0
Indemo launched in 2022 and closed thirteen deals by early 2026, delivering a 23 percent average realised return across all completed investments. No investor has reported a capital loss, and the platform published exit figures for every deal. The track record is short - three and a half years - and the sample size small, so we cannot judge how the model handles a Spanish property downturn or a cluster of borrower refinancing delays. We score 3.6 out of 5.0 for clean delivery on a limited history.
Honest yields: 4.0/5.0
Indemo advertised 21-22 percent returns in 2025 and delivered 23 percent average across thirteen completed deals since launch. The advertised figure sits slightly below the realised average because the platform lists target returns per deal rather than a portfolio-wide promise. Payouts arrive in lumps when a deal exits, so annualised returns depend on hold duration - a twelve-month exit at 25 percent beats a thirty-month exit at 22 percent in annual terms. We score 4.0 out of 5.0 for conservative advertising and transparent exit reporting.
Transparency: 3.8/5.0
Indemo publishes realised returns for every completed deal, lists mortgage valuations and discount percentages, and names the Nasdaq CSD custody arrangement in account documentation. The platform files audited accounts in Latvia and discloses ownership - Indemo SIA is majority-owned by the founding team. Risk warnings appear on deal pages, and the platform explains the mortgage-discount model in plain language. We score 3.8 out of 5.0 because the short operating history limits the depth of stress-test data and the platform does not yet publish aggregated portfolio statistics beyond completed deals.
Exit options: 3.2/5.0
Indemo does not offer a secondary market; you exit when the borrower refinances or the property sells. The platform lists a target hold of 12-36 months per deal, but actual timing depends on Spanish market conditions and borrower circumstances. Investors who need liquidity before exit face zero options beyond hoping the borrower acts early. We score 3.2 out of 5.0 for clarity on the illiquidity trade-off - the platform never promises monthly exits - but the absence of any secondary mechanism limits portfolio flexibility.
What we like
- MiFID II plus Nasdaq CSD custody: structural separation of investor holdings from platform balance sheet, a rare combination in European P2P real estate.
- Realised returns ahead of advertised: 23 percent average on thirteen completed deals against a 21-22 percent advertised range.
- Transparent exit reporting: every completed deal lists realised return, hold duration and exit route - no hidden portfolio drag.
- Conservative deal selection: mortgage discounts of 40-60 percent below valuation create a buffer against Spanish property falls.
What to watch
- Young track record: three and a half years and thirteen deals - not stress-tested through a Spanish property downturn.
- Lumpy payouts: returns arrive when deals exit, so monthly income swings from zero to 20+ percent in a single month.
- Single-property concentration: each note ties to one borrower and one property - diversification requires spreading EUR across multiple deals.
- Zero secondary market: you exit when the borrower refinances or the property sells - no liquidity option if you need cash early.
How investing works here
Register and verify identity
Sign up at indemo.com, confirm your email and complete KYC verification - passport or national ID plus proof of address. Verification takes one to two business days. The platform accepts investors from most EU member states.
Fund your account
Transfer EUR via SEPA bank transfer to the Indemo account at a Latvian bank. Minimum deposit is EUR 10, though realistic diversification across three deals starts around EUR 500. Deposits arrive in one to two business days.
Browse available mortgage deals
Each listing shows the Spanish property location, loan-to-value ratio, mortgage discount percentage, target return and estimated hold duration. The platform lists valuation reports and explains the borrower's refinancing plan. New deals appear every few weeks.
Commit funds manually or via auto-invest
Pick deals manually or set auto-invest criteria - minimum discount percentage, maximum LTV, target return range. Auto-invest spreads your allocation across matching deals as they launch. Each note requires a EUR 10 minimum.
Wait for the exit event
Returns arrive when the borrower refinances the mortgage or the property sells. The platform publishes progress updates every quarter and notifies you when a deal closes. Hold durations range from twelve to thirty-six months.
Reinvest or withdraw
Exited capital plus returns land in your Indemo account. Reinvest in new deals or withdraw via SEPA transfer - no withdrawal fees, funds arrive in one to two business days.
Who it suits, who should pass
Indemo fits investors who:
- Want MiFID II custody and Nasdaq CSD structural separation in a mortgage-note strategy.
- Accept lumpy payouts and 12-36 month hold durations for a 21-22 percent realised yield.
- Can size each deal as a 5-10 percent portfolio slice - concentration risk demands spreading across multiple notes.
- Trust Spanish property valuations and legal enforcement enough to lend at 40-60 percent discounts.
Skip Indemo if you:
- Need monthly income - returns arrive in lumps when deals exit, sometimes zero payouts for six months.
- Require liquidity on demand - no secondary market, you exit when the borrower acts or the property sells.
- Prefer track records longer than three years - thirteen completed deals is a clean history but a short one.
- Want diversification inside a single EUR 100 deposit - realistic spreading starts around EUR 500 across three deals.
Against the alternatives
| Check | Indemo | InRento | Mintos |
|---|---|---|---|
| Stars | 3.8/5.0 | 4.5/5.0 | 4.4/5.0 |
| Yield | 21-22% realised | ~11.8% | 9-11% |
| Licence | MiFID II | ECSP | MiFID II |
| Custody | Nasdaq CSD | Standard | Standard |
| Model | Discounted mortgages | Buy-to-let rent flows | Diversified loans/bonds |
| Secondary market | No | No | Yes |
| Auto-invest | Yes | No | Yes |
| Since | 2022 | 2020 | 2015 |
InRento delivers lower yields - approximately 11.8 percent - but offers buy-to-let cash flows with zero capital losses in five years and ECSP licensing from the Bank of Lithuania. Indemo trades InRento's stability for higher returns and mortgage-discount upside, but brings shorter history and lumpy payouts. Mintos runs a diversified loan portfolio at 9-11 percent with a secondary market and eleven years of track record; Indemo is the specialty bet for investors who want Spanish mortgage exposure and accept concentration risk for 21-22 percent realised returns.
Frequently asked questions
Indemo holds a MiFID II investment-firm licence from Latvijas Banka and uses Nasdaq CSD for custody, placing it among the most regulated mortgage-note platforms in Europe. The EUR 20,000 compensation scheme covers eligible claims - but not borrower defaults. With 13 completed deals and a 23 percent average realised return, the track record is short but clean.
Indemo delivered 21-22 percent realised returns in 2025, with a 23 percent average across 13 completed deals since launch in 2022. Payouts arrive in lumps when a borrower exits or the property sells, so monthly income is uneven. The discount model amplifies both upside and concentration risk.
InRento offers buy-to-let rent flows at approximately 11.8 percent with ECSP licensing and zero capital losses in five years. Indemo trades higher yield - 21-22 percent - for mortgage-discount concentration and lumpy payouts. Mintos and Capitalia run diversified loan portfolios with auto-invest; Indemo is a manual-pick specialty bet.
Nasdaq CSD custody ring-fences investor holdings outside Indemo's balance sheet, so platform insolvency does not erase your notes. It does not protect against borrower default or Spanish property-market falls - those risks sit with you.
Indemo requires EUR 10 to start, but the lumpy payout model and single-property concentration mean you should treat each note as a 5-10 percent portfolio slice. A EUR 500 allocation across two or three deals balances specialty exposure without turning your returns into a binary bet.
Indemo does not offer a secondary market; you exit when the borrower refinances or the property sells. The platform lists a target hold of 12-36 months per deal, but actual timing depends on Spanish market conditions and borrower circumstances.
The final word
Indemo earns 3.8 out of 5 stars for delivering 23 percent average realised returns on thirteen completed Spanish mortgage deals under MiFID II licensing and Nasdaq CSD custody. The structural separation of investor holdings and conservative deal selection - 40-60 percent mortgage discounts - build a buffer most P2P real-estate platforms lack. The track record is short, payouts are lumpy, and concentration risk demands spreading EUR 500 or more across multiple deals. Size Indemo as a 5-10 percent specialty bet inside a wider portfolio, not a core holding.
Capital at risk. P2P returns are never guaranteed, platforms can fail, and no compensation scheme covers borrower defaults.
Compare Indemo against the field
We rate twenty European P2P platforms out of 5 stars on investor protection, delivery track record, honest yields, transparency and exit options. Browse all platforms, read how we rate, or explore the guides.