Fintown Review Summary
Fintown is a Czech crowdfunding platform offering investments in short-term rental properties and development projects in Prague. Yields range from 8% to 13% per year. The platform is operated by the Vihorev Group, a local developer active since 2008.
This Fintown review covers the investment structure, portfolio performance, capital stack, regulatory status, liquidity, and the key risks investors should evaluate before committing capital.
Main Takeaways From Our Fintown Review
- Investments in operational rental units generating immediate cash flow
- Yields between 8% and 13% depending on project type and lock-up period
- Mezzanine loan structure — investors rank behind senior bank debt and SICAV fund
- Not regulated under ECSP — operates under a Czech National Bank exclusion
- Capital structure data on the platform is outdated — updates pending
Fintown targets investors seeking rental yield exposure in Prague. The underlying assets are performing, but transparency and liquidity remain weak points.
Are you wondering how Fintown works? Watch our Fintown review.
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What Is Fintown?
Fintown (fintown.eu) is a Czech-based crowdfunding platform launched in 2023. It enables investors to fund rental properties and development projects managed by the Vihorev Group in and around Prague.
The platform offers two investment structures:
- Monthly-paying rental loans (mezzanine debt)
- Full bullet development loans repaid at maturity
The minimum investment starts at €1. Most rental projects pay interest monthly. Development loans pay interest and principal at maturity.
Pros
- Investments in operational rental units with immediate cash flow
- Yields between 8% and 13% per year
- Monthly interest payments on rental projects
- Low minimum investment: €1
- Developer active in Prague since 2008
- Option to invest as a legal entity
Cons
- Mezzanine structure — investors rank behind bank and SICAV debt
- Capital structure data on the platform is outdated
- No functioning secondary market
- High early exit fees
- Portfolio concentrated in Prague
- Not regulated under ECSP
Our Opinion
Fintown is not a typical P2P platform. It does not connect borrowers and lenders. It refinances the developer's own equity in operational rental properties.
The Vihorev Group has been active in Czech real estate since 2008. The rental units listed on Fintown are occupied and generating revenue. This is a meaningful difference from platforms that fund pre-construction or speculative projects.
The flagship project, Řičany, runs at 85–90% occupancy. Around 65% of tenants are long-term. A new partnership with Regus and Spaces targets 90% occupancy in the underperforming office segment, which currently sits at 40–50%.
Vihorev now holds 100% of Řičany after completing a partner buyout in December 2025. This removes third-party shareholder risk from the largest project in the portfolio.
However, the capital structure is the main concern. Fintown investors hold mezzanine debt. They rank behind senior bank loans and, in some projects, behind a SICAV fund with documented priority. This subordination is not disclosed on the platform's project pages.
Capital structure charts on Fintown are outdated. During our latest interview, the CEO acknowledged that Michle's senior bank loan was entirely missing from the platform. Updated capital structures for all projects are expected within weeks. Audited financials for Vihorev Investments are targeted for May 2026.
On liquidity, the platform has no functioning secondary market. Early exits carry steep fees. Most new projects have 24-month lock-up periods. Investors should treat this as the base-case holding period.
The platform operates under an exclusion from Czech National Bank regulation. Fintown is not pursuing a crowdfunding license. Instead, it plans to shift from loan participation to claim rights under Czech law (Fintown 2.0). This structural change would also enable a secondary market feature.
Prague's real estate market is strong. Demand is high across both rental and sales. Construction costs have doubled in five years — minimum €3,000 per square meter — which compresses developer margins. For investors, this means exit values are supported by demand, but development project returns are under pressure.
Overall, the underlying assets are performing. The risk is not in the properties — it is in the transparency, capital stack positioning, and liquidity constraints. Investors should wait for the updated capital structures and audited financials before increasing exposure.
Where This Platform Fits
Fintown can be used to increase portfolio yield through exposure to Prague rental properties and selected development projects. It should not be treated as a core holding due to limited liquidity, mezzanine positioning in the capital stack, and remaining transparency gaps.
What Can Go Wrong
- Capital structure data on the platform is outdated or incomplete
- Investors may rank behind banks and the SICAV fund — effectively third or fourth in the capital stack
- Early exits are costly and liquidity is limited
- The platform operates under a regulatory exclusion that the Czech National Bank could revoke
- Development projects carry execution, refinancing, and construction cost risk
- Portfolio concentration in Prague increases market-specific risk
- Fundraising rounds take 2–8 months to fill, creating execution risk for time-sensitive projects
Fintown Bonus
Sign up through our exclusive Fintown link, make your first investment, and receive a 2% bonus — with no maximum limit. The bonus is automatically credited after your initial investment. Learn more on our Fintown referral code page.
Fintown VIP Club
Investors with €10,000–€29,999 invested receive an additional 0.5% annual bonus. Investments above €30,000 qualify for a 1% bonus. VIP bonuses can be reinvested or withdrawn after 12 months, provided the investment amount is maintained.
Requirements
Fintown is open to investors who are at least 18 years old with an EU bank account. Legal entities can also invest.
Registration requires identity verification. Deposits must be sent in EUR with a unique reference code. The platform charges a €20 fee for non-EUR transfers and €10 for incorrectly marked deposits.
Deposits are processed through Ceska Sporitelna, one of the largest Czech banks. In our experience, deposits from Revolut cleared within 24 hours on a business day.
Risk & Return
Evaluating risk on Fintown requires understanding both the rental performance and the capital structure behind each project. The platform has operated for over two years with no delayed or defaulted payments to investors.
We conducted a detailed interview with CEO Maxim Vihorev in April 2026. The sections below incorporate the latest data from that conversation.
Watch the summary of our latest interview here:
Investment In Rental Properties
Fintown's core product is investments in operational short-term rental units in Prague. These properties are already generating revenue when they appear on the platform.
Short-term rentals in central Prague charge €130–€250 per night during high season. The apartments listed on Fintown are available on Booking.com at comparable rates.
A Booking.com rating of 9.0 supports strong occupancy. The average daily rate is approximately €100.
Occupancy and financial breakdowns are available at the project level on the platform.
Portfolio Overview
Below is a project-by-project breakdown based on our latest research and CEO interview (April 2026).
Honest Řičany
Řičany is the flagship asset and the most mature project in the portfolio. With 140 units, it is also the largest. The property is located 30 minutes by train from Prague's city center, targeting students and young professionals.
- Occupancy: 85–90% (accommodation), 40–50% (offices, improving)
- Tenant mix: 65% long-term, 20–25% mid-term, remainder short-term
- Total capital deployed: approximately €8.7M
- Senior bank loan (FIO Bank): approximately €10–11M
- Ownership: 100% Vihorev Investments (partner buyout completed December 2025)
Office occupancy has lagged behind expectations. Starting in May 2026, Regus and Spaces will manage the office units under an international cooperation agreement. The target is 90% office occupancy at higher average rents.
A nearby highway under construction should complete next year. The CEO considers the property not yet at peak valuation.
Fintown offers investments in Řičany with annual yields between 9% and 14%.
Michle
Michle is a development project nearing completion. Internal construction (windows, doors) is ongoing. Target completion is around October 2026.
- Equity deployed: approximately €4M
- Senior bank loan: approximately €1.2–1.3M
- Total capital structure: approximately €5.3M
- Bank interest rate: PRIBOR + 2% (approximately 5.5% total)
- Status: Pre-sale contract signed, bank approval pending
A buyer has signed a pre-sale contract with deposits tied to construction milestones. However, FIO Bank has not approved the share transfer. This blocks access to the buyer's deposit.
Michle Risks
- Bank approval for share transfer may take months — a similar process at Řičany took 18 months
- If approval is delayed, the CEO may refinance the senior loan via Fintown — doubling the cost of capital from approximately 5.5% to 10%+
- The buyer's own mortgage approval is not guaranteed
- The senior loan was missing from Fintown's capital structure chart — acknowledged as an error
If refinancing via Fintown proceeds and execution is not fast, interest costs could consume all developer profit on this project.
Park Vista
Park Vista is a luxury residential development project. It is currently in the demolition phase, with a target completion of September 2026. The units will be sold, not rented.
Fintown offers investments in Park Vista as a development loan with a 24-month term and an annual yield of 13%. Interest and principal are repaid at maturity.
The Seed — Costa Rica
The Seed is an 80-unit development project with approximately 20,000 sqm gross area in Uvita, Costa Rica. It is in the pre-construction phase. Funds raised on Fintown cover architectural fees, legal costs, and land purchase.
- No construction permit — targeted by year-end 2026
- No official pre-sales — earliest in 2027
- No construction timeline — construction start not before 2027
- Greenfield development in a foreign jurisdiction
This is the highest-risk project in the portfolio. The interest rate is 13% over a 24-month term.
Strakonicka
Strakonicka is one of the earliest Vihorev projects. It is fully mature. The CEO plans to sell it, taking advantage of the current seller's market in Prague. No updated valuation was provided.
Investment Structure
Fintown offers two investment products:
- Rental property investments structured as mezzanine loans
- Development project investments structured as participation
What Is a Mezzanine Loan?
A mezzanine loan is unsecured subordinated debt. If the borrower defaults, senior debt holders (banks) are repaid first. Mezzanine investors are repaid from whatever remains.
On Fintown, rental investments are mezzanine loans. The platform pays interest from rental income generated by the properties.
What Is Participation?
Participation is a debt instrument where the investor shares in both the income and losses of the underlying loan contract.
Both structures are riskier than mortgage-backed loans. Investments are backed by a corporate guarantee from the Vihorev Group. You can review the guarantee in the guarantors declaration.
Capital Structure & Funding Model
Vihorev operates with four capital layers, ranked from cheapest to most expensive:
Capital Stack
1. Bank Loans (Senior)
Cost: PRIBOR + 2–3% (approximately 5–5.5% total). Cheapest source, but extremely slow. Approval for shareholder changes or project sales can take 12–18 months.
2. SICAV Fund
Tax-free, regulated, Czech-only projects. Minimum investment: €40,000 (average investor: €200K+). Has documented priority over Fintown investors in some projects. Approximately 90% of SICAV investors are Czech.
3. Fintown Investors
Cost: approximately 8–12%. Most flexible external capital, but the most expensive after own equity. Fundraising rounds take 2–8 months to fill.
4. Own Equity & Private Investors
Most expensive layer. Used as the last resort to fill capital gaps.
Capital Stack Risk for Fintown Investors
- SICAV fund has documentation priority over Fintown investors in some projects
- This priority is not disclosed on the platform's project pages
- In a downside scenario, Fintown investors may be third or fourth in the repayment order
- Capital structure charts on the platform are outdated — updates expected within weeks
Vihorev keeps at least 20% equity in each rental property. You can review the capital structure of every listed project directly on the platform.
Refinancing Equity
When you invest on Fintown, you refinance the developer's equity. The Vihorev Group uses this freed-up equity to fund new projects. This model works as long as rental income covers the interest obligations to investors.
FLEXI Projects
Around 20% of Fintown's portfolio is allocated to FLEXI projects. These offer lower yields (7–8%) but allow exits after 30 days. They are designed for new investors who want to test the platform before committing to longer lock-up periods.
The Most Significant Risk: Interest Rate Sensitivity
Every project is co-financed with a senior bank loan tied to the PRIBOR. If rates spike, Vihorev's costs increase and profitability drops.
Bank interest rates peaked at approximately 10%. The CEO expects stability for at least one year. During the 2022 rate surge, Vihorev had to increase rental rates to manage costs.
Construction Cost Pressure
Czech construction costs have doubled in five years. Minimum construction cost is now approximately €3,000 per square meter, up from €1,500. Luxury projects run above €3,500. Suppliers now hold prices for only 30 days, down from 3 months.
Developer margins are narrow. Base cost (land + construction + soft costs) is approximately €6,000 per square meter, selling at €7,000–8,000 per square meter. This limits the buffer available to absorb cost overruns on development projects.
Returns
Investors earn between 8% and 13% per year, depending on project type and lock-up period. Rental projects pay monthly. Development loans pay at maturity.
Higher-yield offers (12–13%) fill significantly faster on the platform than lower-yield secured products (8–10%). The CEO would prefer to offer more secure, lower-yield products, but investor demand currently favors unsecured, higher-yield offers.
Is Fintown Safe?
This section covers the platform's team, ownership, and terms — key factors when evaluating whether Fintown is a trustworthy platform.
Who Leads The Team?
Maxim Vihorev and Vladislav Siganevich co-founded Fintown.
Mr. Vihorev has been active in Czech real estate since 2008. He has completed five real estate projects through Vihorev Invest SE.
Mr. Siganevich was managing director for CreamFinance (AvaFin) in the Czech Republic. He was also involved in the early stages of Esketit. He currently manages Fintown and his lending startup CentroFinance s.r.o., which operates the Czech payday lender Ofin.cz.
In July 2024, we visited Fintown's headquarters to discuss risk-related questions with the founders.
Vihorev Group has a track record of raising and repaying funds on other European crowdfunding platforms:
| Platform | Project | Invested, EUR | Investors |
|---|---|---|---|
| Upvest | Prvniho Pluku | 1,6M+ | 212 |
| Fundlift | Business loan | 160K+ | 61 |
| Upvest | Strakonicka Apartments | 300K+ | 199 |
| Debitum | Business loan | 130K+ | 52 |
Who Owns The Platform?
Fintown s.r.o is owned by two entities:
- Stonehill Capital s.r.o — owned by Vladislav Siganevich
- Vihorev.Investments SE — owned by Maxim Vihorev
These two entities hold 100% of the Fintown crowdfunding platform, according to the Czech business registry.
Are There Any Suspicious Terms And Conditions?
We reviewed all legal documentation available on the platform. Every user must agree to the participation agreement before investing.
The participation agreement for a specific investment is not sent to your inbox and is not available under your investments after investing. This is a usability gap worth noting.
Amendments
Terms and conditions can be amended with two weeks' notice. Investors can decide whether to accept changes or exit their investment.
Regulatory Status
Fintown operates under an exclusion from the Czech National Bank regulation. The local regulator has confirmed this. You can find their statement on Fintown's website.
Fintown is not pursuing a crowdfunding license. A license would restrict Vihorev from owning both the platform and the underlying projects. Instead, the platform plans to shift from loan participation to claim rights (pohledávky) under Czech law — a structure described as more stable and less vulnerable to regulatory changes.
This exclusion could be revoked at any time if the Czech National Bank changes its position on loan participation structures.
Conflict of Interest
The Vihorev Group owns the platform and develops the projects. This creates an inherent conflict of interest. The developer sets the terms, decides which projects to list, and controls the capital structure.
Investors should factor this concentration of control into their risk assessment.
Usability
Fintown's interface is simple and functional. It provides an account overview, a list of available investments, and portfolio data.
The platform does not offer auto-invest. Investors select projects manually. Deposits and withdrawals are handled directly through the dashboard.
The platform lacks advanced features found on more established platforms. However, there are no funds "in recovery" or "pending payments" — all listed investments are performing.
Liquidity & Secondary Market
Each project has a minimum lock-up period. Most newly listed projects carry a 24-month term. FLEXI projects allow exits after 30 days with yields of 7–8%.
Early exit is possible by emailing info@fintown.eu, but fees apply:
- Minimum payout: €100 per project
- No exit allowed during the first 6 months
- Processing time: up to 30 days
- Partial or full exit available
- All accrued interest earned up to the exit date is deducted
- Requests allowed once every 90 days
Fintown does not have a functioning secondary market. One is under development as part of Fintown 2.0, but details are not yet public. The CEO described it as combining loan trading with real estate project exposure — not a traditional P2P secondary market.
The early exit fees are steep. We recommend not using this feature unless necessary. Investors should plan to hold for the full loan term.
Liquidity Management
During our visit to Fintown's headquarters, the CEO stated that the platform can meet 100% of withdrawal requests from FLEXI projects. This buffer will decrease to 50% over time as the platform deploys more capital.
During a bank run scenario, the platform would not be able to meet all obligations if investors demanded simultaneous exits from all projects.
Support
During this Fintown review, we communicated directly with the co-founders. Response times for complex questions were within 24 hours.
Standard support is available via email, live chat (after login), and Fintown's Telegram group. Response times may vary during non-business hours. The platform also offers an FAQ page for basic questions.
Fintown Alternatives
Fintown offers a niche product: rental yield exposure in Prague. Investors who prefer regulated platforms, mortgage-backed security, or broader geographic diversification may consider the following alternatives.
Crowdpear
Crowdpear is a Lithuanian-based, regulated crowdlending platform offering mortgage-backed development loans in and around Vilnius. Interest rates range from 10% to 12%. No funded projects have defaulted or been delayed. The platform is operated by the team behind PeerBerry. Learn more in our Crowdpear review.
InRento
InRento is a regulated crowdfunding platform based in Lithuania that offers investments in rental properties. Yields range from 8% to 12%. Some loans include a fixed annual capital growth component. The platform manages more than €10M in investor assets with no delayed or defaulted loans. Learn more in our InRento review.
PeerBerry
PeerBerry offers short-term consumer loans with yields between 9% and 11%. The platform has honored all buyback and group guarantee obligations, including during the pandemic and the war in Ukraine. Loan availability is lower than investor demand. Learn more in our PeerBerry review.
