Indemo Review Summary
Indemo is a regulated Latvian investment platform specializing in discounted, defaulted mortgage-backed loans from Spain. Investors target a minimum return of 15.1% per year through a profit-share structure tied to debt recovery. The minimum investment term is 24 months, and there is no secondary market.
This Indemo review covers the investment model, collateral quality, recovery track record, regulatory status, and key risks investors need to understand before committing capital.
Main Takeaways From Our Indemo Review:
- Regulated investment firm under MiFID II in Latvia
- Target return of 15.1% per year; 13 completed deals averaged 23% with a 13.6-month recovery period
- Investments secured by Spanish residential real estate
- No secondary market and no monthly cash flow — minimum 24-month commitment
Indemo targets high yields through a niche product: discounted, mortgage-backed debt recovery. It suits investors with long-term horizons and a tolerance for illiquid positions.
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What Is Indemo?
Indemo is a regulated investment firm based in Latvia. It invests in defaulted residential mortgage loans secured by property in Spain. These loans are purchased from Spanish banks at a discount by a local SPV, then listed on the platform as Notes.
Investors participate in the profit from debt recovery. Once a debt is resolved, legal and administrative costs are covered first. The remaining profit is split 50:50 between the SPV and investors.
The advertised target return is 15.1% per year. The minimum investment term is 24 months.
Indemo works with Tamarindo Vector S.L., a Spanish SPV that acquires the discounted debts. Tamarindo collaborates with Tauris Iberica for due diligence, debt selection, and recovery management. Tamarindo pre-finances each debt before listing it on Indemo. This reduces execution risk for investors.
The faster recovery completes, the lower the deducted costs and the higher the investor return. Extended recoveries reduce profitability due to accumulated legal and administrative fees.
Pros
- Regulated investment firm under MiFID II in Latvia
- Unique product: discounted, mortgage-backed debt investments
- 13 completed deals averaged 23% return with a 13.6-month recovery period
- Transparent recovery tracking with property-level documentation
- Eligible for legal entities; 5% withholding tax for EU/EEA individuals
Cons
- No secondary market and no monthly cash flow
- Minimum 24-month commitment; recovery can take up to 5 years
- No backup servicer — full dependency on Tauris Iberica
- Track record limited to 13 completed deals
Our Opinion
Indemo offers a product that does not exist elsewhere in the European P2P market. Investments are backed by residential real estate in Spain, purchased at a discount from Spanish banks.
The early track record is strong. Thirteen completed deals averaged a 23% return with a 13.6-month recovery period. Returns ranged from 15.1% to 118% annualised. Those figures are not representative at this sample size. A meaningful assessment requires at least 100 completed recoveries.
The profit-share model is straightforward. Costs come out first; what remains is split 50:50. Shorter recoveries produce higher returns. Longer ones compress margins as fees accumulate.
The platform is regulated in Latvia under MiFID II. Tamarindo Vector holds a lending license from the Bank of Spain. Both add legal weight that most P2P platforms lack.
The key structural risk is servicer concentration. There is no backup servicer. If Tauris Iberica cannot perform, the recovery process has no fallback. This is the platform's single largest operational risk.
Liquidity is limited by design. There is no secondary market. Investors cannot exit early. Recovery can take up to five years in adverse scenarios. This is not a platform for investors who need flexible access to capital.
The platform is still early-stage. Assets under management stand at approximately €26 million. Long-term profitability likely requires €50 million or more. Growth depends on consistent recovery performance and sustained investor inflows.
For experienced investors with long-term horizons, the risk-return profile is competitive. The product requires patience and confidence in the recovery process.
Where This Platform Fits
Indemo suits investors seeking high-yield, real estate-backed exposure with no need for short-term liquidity. It works as a satellite position in a diversified P2P portfolio. It is not suitable as a core holding due to its limited track record, illiquid structure, and full dependency on a single debt servicer.
What Can Go Wrong
- Recovery timelines can extend to 5 years, locking up capital well beyond the advertised 24 months
- No secondary market — investors cannot exit early under any circumstances
- No backup servicer: if Tauris Iberica fails, there is no alternative recovery mechanism
- Costs deducted before profit-sharing can erode returns significantly in slow recoveries
- The platform is early-stage; long-term profitability has not been demonstrated at scale
- Property valuations may be outdated or based on limited data, affecting recovery expectations
- Stress scenario modeling assumes a 44.3% Spanish property price drop — possible, not theoretical
Indemo Promo Code
Earn up to 5.5% cashback on your investments until April 30, 2026 when registering with our partner link.
- Invest between €250 and €1,499 and receive a 2.5% cashback bonus + 0.5% bonus for new users
- Invest between €1,500 and €4,999 to get a 4% cashback bonus + 0.5% bonus for new users
- Invest €5,000 or more to get a 5% instant cashback bonus + 0.5% bonus for new users
You can review the terms and conditions on our Indemo promo code page.
Requirements
Registration takes at least 15 minutes. Indemo accepts private investors and legal entities.
Indemo does not accept investors from the UK. Investors from Bulgaria and Croatia are temporarily restricted due to both countries appearing on the FATF grey list.
Registration requires name, email, country of residence, and promo code P2PEMPIRE. After email verification, investors must provide address, tax details, and political exposure status.
A sustainability and appropriateness test follows. Identity verification is completed via Veriff — a document photo and selfie are required. Account activation typically takes a few hours.
Deposits must come from an EEA bank account held in the investor's name. First deposits are credited within one business day. Subsequent deposits are credited instantly.
Investors must be at least 18 years old and reside in the EU or EEA. Activating 2FA in account settings is recommended.
Risk & Return
Indemo offers investments in defaulted, mortgage-backed loans from Spain. Returns depend on how quickly and at what cost debts are recovered. The following risks apply.
Platform Risk
Indemo launched in late 2023 and has attracted approximately €18 million in assets under management. Long-term operational profitability likely requires €50 million or more.
The platform has raised €1.53 million in equity. Sustained growth depends on consistent recovery performance and stable investor demand. If either slows, the platform faces operational pressure.
Loan Originator Risk
Indemo lists Notes backed by debts held by Tamarindo Vector S.L., a Spanish SPV. Tamarindo is licensed by the Bank of Spain as a real estate lender and achieved profitability in 2023.
Tamarindo works with Tauris Iberica for debt selection, due diligence, and recovery management. Tauris Iberica reportedly manages over 5,000 assets valued at €500 million. These figures cannot be independently verified through a public database.
There is no backup servicer. If Tauris Iberica is unable to continue operations, debt recovery has no alternative path. This is the highest structural risk on the platform.
Additional risks tied to the loan originator include loss of lending authorisation, macroeconomic disruption, insolvency, and breach of contractual obligations. Indemo's base prospectus covers these scenarios in full.
Asset Filtering
Only completed residential properties in liquid Spanish markets are eligible — apartments, townhouses, and villas in major cities and coastal regions. Construction projects are excluded.
Each debt must meet defined Price-to-Value and Price-to-Debt thresholds, supported by an up-to-date official valuation. Approximately 10% of reviewed debts meet the criteria.
Tamarindo purchases debts from its own funds before listing them on Indemo. This pre-financing reduces execution risk and allows investors to access Notes at various recovery stages.
Performance Scenarios
The following scenarios are based on an average Price-to-Value and Price-to-Debt ratio of 62%.
Stress Scenario: Recovery fails. Properties sell at auction after a 44.3% price drop over 3.5 years, reflecting the worst Spanish property decline on record (2008–2014). Legal costs included.
Unfavorable Scenario: Properties sell at auction 15% below appraised value after two years. Taxes and fees included.
Moderate Scenario: Pre-trial arrangement allows 90% debt repayment within 18 months.
Favorable Scenario: Pre-trial arrangement allows 90% debt repayment within 9 months.
Indemo advertises its 15.1% target based on the moderate scenario. Early-stage results have exceeded this, but the sample size remains too small to draw firm conclusions.
Investment Strategies
Two approaches are available depending on where a debt sits in the recovery process.
- Early-Stage Notes: Lower Price-to-Value ratio, deeper discount, higher return potential if settled quickly. Longer expected holding period and lower liquidity.
- Advanced-Stage Notes: Higher Price-to-Value ratio, shorter time to recovery, more predictable cash flow. Lower upside but faster capital return.
Returns on completed deals have ranged from 15.1% to 118% annualised. The primary variable is recovery speed.
€20,000 Investor Compensation Scheme
Indemo SIA participates in the national investor compensation scheme under EU Directive 97/9/EC. Investors can claim up to 90% of net losses, capped at €20,000, if Indemo is unable to return funds or financial instruments.
This scheme does not cover market or loan originator risk. It applies only to platform failure.
Taxes
Indemo deducts withholding tax at source. EU/EEA individual investors pay 5%, unless a double tax treaty applies. Lithuanian residents pay 0%. Corporate investors pay 0%.
Indemo provides a tax report that allows investors to offset withheld tax against passive income tax in their home country.
Is Indemo Safe?
Who Leads the Team?
CEO Sergejs Viskovskis has a legal background and prior experience at Rietumu Bank and Mintos.
The founding team includes Daniels Zirjakovs, Aleksandr Volosins, and Pavels Pochtarenko. Aleksandr and Pavels previously worked together at Rietumu Bank and co-own a consulting firm, KBL Solutions. Daniels serves as a council member at Aquarium Investments, one of Indemo's shareholders.
Who Owns the Platform?
Indemo has 24 shareholders. Notable shareholders include Ilya Hagins, who also serves as director at Atlan and Tamarindo — both closely associated with the platform. The full shareholder list is available via the Latvian company register.
Terms and Conditions
No suspicious clauses were identified. All risks are disclosed in the key information sheet and investor prospectus.
Investor funds are held separately from operating accounts at LHV Bank and Rietumu Bank. If Indemo introduces management fees, investors are notified at least ten calendar days in advance.
All loan documentation is accessible at the Note level before investing.
Usability
The dashboard displays available Notes on login, showing expected return, Note amount, Price-to-Value ratio, and recovery progress. Notes can be filtered by legal stage.
Early-stage Notes carry longer commitment periods and lower liquidity. Advanced-stage Notes offer shorter recovery timelines and lower potential upside.
Selecting a Note opens the Flow view, showing legal recovery progress step by step. From November 2025, each Note corresponds to a single debt — the previous multi-debt structure no longer applies.
The Objects tab shows property-level detail, including Price-to-Value ratio, recovery status, and appraisal reports. All listed properties include official valuation documentation.
After investing, positions are monitored under the Asset section. The Note Summary tab shows deal-level data.
Auto Invest
An auto-invest feature is available after completing the sustainability test. New investors should start with manual selections to understand the available Note types before automating.
Liquidity
Indemo has no secondary market. Invested capital cannot be withdrawn until debt recovery is complete. Recovery averages 13.6 months across completed deals, but can extend to five years in adverse scenarios.
A secondary market is planned for the first half of 2026. Until it is live and tested, investors should treat every position as illiquid for the full 24-month term.
Support
During our research, direct contact with the CEO produced detailed responses within one to three business days. Platform support for onboarding queries typically responded within one business day. Live chat responses arrive within minutes to a few hours.
Alternatives
Indemo is a high-yield, illiquid platform with a limited completed deal history. Investors seeking regulated platforms with more established track records or better liquidity may prefer the following.
Fintown
Fintown is a Czech-based platform offering investments in Prague rental properties and development loans managed by the Vihorev Group. It lists only in-house loans and pays monthly rental income. Learn more in our Fintown review.
InRento
InRento is a regulated platform that offers mortgage-backed loans for residential rental properties in Lithuania and Poland. The portfolio has no defaulted loans to date. Monthly income is distributed. Further details are available in our InRento review.
LANDE
LANDE is a regulated Latvian platform focused on agricultural loans secured by land, crops, or machinery. A well-diversified portfolio targets 10%–11% per year. A secondary market is available. More information is in our LANDE review.
