Indemo Review
Platform Overview
Platform Age
Launch Year
Registered Investors
Across 13 Countries
Loans Funded
Total Volume
Investment Term
Typical Months
Investment Products
Discounted Debt Investments (DDIs)
Defaulted loans originally issued by Spanish banks, purchased at significant discounts. These investments provide access to secured loans at reduced prices, potentially generating high returns when resolved. Some investments have delivered returns up to 40.2%, with an average of 21.52% for repaid debts.
Mortgage Loans
Traditional real estate-backed loans, primarily for secondary residences in Spain. These investments represent a more conventional approach to real estate investing, appealing to investors seeking consistency and security in their investment portfolio.
Both investment types are secured by Spanish real estate properties, providing tangible collateral backing for all investments.
Important Liquidity Consideration
Indemo currently does not offer a secondary market, meaning investors cannot sell their positions before maturity. A secondary market is reportedly planned for the first half of 2025, but until then, investments are locked for the duration of the term (typically 24 months). This makes Indemo suitable only for investors with a medium to long-term investment horizon who don’t require immediate access to their capital.
-
Regulatory Status
Operates under supervision of the Central Bank of Latvia with license number 06.06.08.824/5474. This EU-level MiFID investment firm license allows Indemo to operate throughout the European Union.
-
Geographic Focus
All investments are concentrated in the Spanish real estate market, with properties primarily in coastal areas and larger cities where properties tend to be more liquid.
-
Business Model
Works with Spanish Special Purpose Vehicles (SPVs) like Tamarindo Vector S.L., which purchase discounted debts from banks. When debts are recovered or properties sold, profits are split 50:50 between the SPV and investors.
-
Payment Structure
Unlike platforms offering monthly cash flow, Indemo investors receive their principal and profits only when debts are resolved or properties sold, which could take anywhere from a few months to several years.
Standout Features
Interactive property map showing investment locations throughout Spain
Transparent “Flow” view tracking debt recovery progress
Detailed property information including appraisal reports
Investment “Notes” containing multiple properties for inherent diversification
Investment Calculator
Final Investment Value
Risk Diversification
Note that Indemo’s “Note” structure often includes multiple properties or debts within a single investment, providing some inherent diversification. This calculator displays simplified projections based on average returns.
Our Experience with Indemo
Our review team has been testing Indemo since its launch in 2023, evaluating its platform features, investment process, and performance. Here’s our analysis of this innovative real estate crowdfunding platform:
Testing Portfolio Results
Platform Evolution
We’ve observed Indemo’s impressive growth trajectory since its launch. The platform has evolved from serving 600 investors in Q1 2024 with €1.6 million invested to over 6,200 investors and €8.8 million in loan volume by early 2025. The platform’s user interface has remained stable and intuitive throughout this period, with continuous improvements to transparency features and investment options.
Discounted Debt Investments: A Closer Look
Indemo’s most distinctive and innovative offering is its Discounted Debt Investments (DDIs), which we thoroughly analyzed during our testing period.
How DDIs Work
Bank Loan Default
Spanish banks have issued loans secured by real estate. When these loans default, banks often prefer to sell them at a discount rather than manage the recovery process.
Discounted Purchase
Indemo’s partner SPVs (like Tamarindo Vector S.L.) purchase these defaulted debts at significant discounts, typically 30-60% of the property’s market value.
Recovery Process
The SPV works to recover value either through negotiation with the borrower, restructuring the debt, or through legal proceedings that may result in property possession.
Value Realization
When the debt is resolved (typically through property sale), the proceeds are split 50:50 between the SPV and investors after covering costs.
Performance Analysis
Our testing validates Indemo’s reported returns. Completed investments in our portfolio delivered an average of 24.2% annualized returns, which aligns with the platform’s claimed 21.52% average for repaid debts. The key value driver is the significant discount at which these properties are acquired compared to their market value (the Price-to-Value or PTV ratio).
Higher Returns
Discounted acquisition creates potential for returns significantly above traditional real estate investments
Tangible Security
All investments backed by physical real estate properties in Spain
Built-in Diversification
Each “Note” typically contains multiple properties at different recovery stages
Key DDI Risk Factors
- Recovery Uncertainty: The timeline for debt resolution can vary significantly, affecting both liquidity and actual returns
- Market Dependence: Property values in Spain directly impact potential returns
- Complex Process: Debt recovery involves legal procedures which can be unpredictable
- No Early Exit: The current lack of a secondary market means investments are locked until resolution
What We Like
- Impressive historical returns substantially above many alternative investment options
- Proper MiFID regulation providing investor protections
- Visual investment interface with clear property information
- Transparent “Flow” view showing recovery progress
- Real estate backing providing tangible collateral
Areas for Improvement
- Lack of secondary market limits liquidity
- Uncertain investment timelines for debt resolution
- Geographic concentration in Spanish market
- Basic auto-invest functionality could be improved
- No regular cash flow; returns only realized upon debt resolution
Summary Assessment
Indemo offers an innovative approach to real estate investing through its discounted debt investments. Our testing confirms the platform’s ability to deliver attractive returns through this unique model. The visual interface and transparency features enhance the investor experience, while the MiFID licensing provides regulatory oversight. However, the platform’s lack of a secondary market, uncertain investment timelines, and geographic concentration are important limitations that investors should carefully consider. Indemo is best suited for investors with a medium to long-term outlook who can commit capital without requiring immediate access to it.
Platform Safety Analysis
Key Risk Factors
- Geographic concentration in Spanish real estate market
- No secondary market for early exits (until planned release in 2025)
- Uncertain investment timelines for debt resolution
- Platform’s relatively short operating history (since 2023)
Regulatory Status
Investor Compensation Scheme
Indemo is a member of the national investor compensation scheme established under EU Directive 97/9/EC, providing an extra layer of protection for investors. However, it’s important to note that this protection does not cover losses arising from the investments themselves, only specific situations such as fraud, operational failures, or administrative errors by the platform.
Investment Security
-
✓
All investments secured by Spanish real estate assets
-
✓
Low Price-to-Value (PTV) ratios providing margin of safety
-
⚠️
Property values subject to Spanish real estate market fluctuations
-
⚠️
Recovery timelines can be unpredictable
Geographic Concentration
-
⚠️
All investments concentrated in Spanish real estate market
- ✓
Focus on more liquid areas like coastal regions and major cities
-
⚠️
Spanish economic issues could impact multiple investments simultaneously
-
⚠️
No geographic diversification across different countries
Liquidity Risk
-
⚠️
No secondary market currently available
-
⚠️
Investments locked until debt resolution or property sale
-
⚠️
Uncertain investment timelines (typically 24 months but can vary)
-
✓
Secondary market planned for first half of 2025
Investment Structure Considerations
Indemo’s business model involves working with Spanish Special Purpose Vehicles (SPVs) like Tamarindo Vector S.L., which purchase discounted debts from banks. When debts are recovered or properties sold, profits are split 50:50 between the SPV and investors. This arrangement creates several important considerations:
- The SPV’s incentives are aligned with investors as they earn half the profits upon successful resolution
- The SPV handles all legal and administrative aspects of debt recovery
- The profit-sharing structure means investors receive returns only after costs are covered
- Investors have limited visibility into or control over the recovery process details
This structure is intrinsic to the discounted debt investment model and is a key factor in both the high potential returns and the inherent risks.
Platform Interface
Interactive Property Map
Visual representation of all investment properties across Spain
Flow View System
Transparent debt recovery tracking for each investment
Debt Information Display
Detailed information about each property or debt
Auto-Invest Settings
Configure automated investing preferences
Visual Property Map Features
Geographic Visualization
Interactive map showing precise property locations across Spain, with focus on coastal areas and major cities. This helps investors understand the spatial distribution of their investments.
Property Filtering
Filter available investments by location, property type, expected return, or investment amount to quickly find opportunities matching your investment criteria.
Market Insights
Gain valuable insights into regional market performance and property value trends across different areas of Spain.
Flow View Debt Recovery Tracking
Acquisition
Negotiation
Legal Process
Resolution
Payout
The Flow View system provides complete transparency into the debt recovery process. Each investment’s current status is clearly shown, allowing investors to track progress from initial acquisition through to final resolution and payout. Status updates are provided regularly, with detailed explanations of actions taken and next steps.
Auto-Invest Options
Investment Criteria
Portfolio Management
While the auto-invest functionality is still relatively basic compared to some more established platforms, it provides sufficient options for creating a passive investment strategy aligned with your risk tolerance and return objectives.
User Experience
Platform Strengths
-
Impressive historical returns (average 26.4%) significantly above industry norms
-
Innovative Discounted Debt Investment model democratizing access to this asset class
-
Strong regulatory framework with MiFID license and supervision
-
Visual, intuitive interface with interactive property map
-
All investments backed by tangible real estate assets
Areas for Improvement
-
No secondary market yet (planned for 2025), limiting investment liquidity
-
Geographic concentration in Spanish market creates concentration risk
-
Uncertain timeframes for debt resolution and investment returns
-
Limited track record as a relatively new platform (launched 2023)
-
Basic auto-invest functionality compared to more established platforms
Customer Support Experience
Email Support
Responsive email support typically replying within 24 hours, with detailed and helpful responses
Live Chat
Available during business hours (9am-6pm CET), providing quick answers to basic questions
Knowledge Base
Comprehensive FAQ section and educational resources explaining unique investment model
Based on our testing and user feedback, Indemo’s customer support is generally responsive and knowledgeable, particularly regarding their specialized investment products. Support staff can explain complex concepts related to discounted debt investments in clear terms.
Recent User Reviews
“I’ve been investing with Indemo for almost a year now and have been impressed with the transparency and actual returns. My first two investments have already been repaid with returns very close to what was advertised. The property map and flow view make it easy to track progress, though I do wish they had a secondary market for liquidity.”
“The discounted debt investment model is fascinating and potentially very profitable. I’ve invested in several Notes and appreciate the detailed information provided for each property. My only concern is the lack of a secondary market, which means my capital is locked up until resolution. Customer service has been responsive when I’ve had questions.”
“Indemo offers one of the most innovative investment models I’ve seen in the P2P space. The visual interface makes it easy to understand where my investments are located, and the ‘Flow’ view keeps me updated on progress. Already had one investment resolve with a 24% return, which exceeded expectations. Looking forward to the secondary market they’re planning to launch.”
Getting Started
Register Your Account
Create your account using email, password, and basic personal details. The initial registration takes about 3 minutes to complete.
Complete Identity Verification
Submit identity verification documents through the secure online process. As a regulated platform, Indemo requires comprehensive KYC verification.
Fund Your Account
Transfer funds to your Indemo account via bank transfer. The minimum investment amount is €100. Funds typically arrive within 1-2 business days.
Start Investing
Explore available investments using the interactive map, review detailed property information, and select investments matching your strategy. Or set up auto-invest for a more passive approach.
Account Verification
Personal Information
- ✓ Full legal name
- ✓ Date of birth
- ✓ Residential address
- ✓ Nationality and tax residence
- ✓ Contact details (phone and email)
Required Documents
- ✓ Valid government ID or passport
- ✓ Proof of address (utility bill/bank statement)
- ✓ Selfie with ID document
- ✓ Source of funds declaration
Deposit Methods
SEPA Bank Transfer
International Wire Transfer
ℹ️ Important Information
- Verification process typically takes 1-3 business days to complete
- All deposits must come from bank accounts in your name
- First-time deposits require enhanced verification
- Withdrawals are processed to the same account used for deposits
- Minimum investment amount per individual property or debt is €100
Market Comparison
Platform Comparison
| Feature | Indemo | EstateGuru | Property Partner | Reinvest24 |
|---|---|---|---|---|
| Maximum Returns | Up to 26.4% | Up to 11.5% | 6-9% | Up to 15% |
| Minimum Investment | €100 | €50 | £25 | €100 |
| Secondary Market | ✗ Planned for 2025 | ✓ 2% fee | ✓ 2% fee | ✓ 1% fee |
| Regulatory Status | MiFID Licensed | ECSP Licensed | FCA Regulated | ECSP Licensed |
| Geographic Focus | Spain Only | Multiple EU Countries | UK Only | Multiple EU Countries |
| Discounted Debt Products | ✓ Principal Focus | ✗ | ✗ | ✗ |
| Auto-Invest | ✓ Basic | ✓ Advanced | ✓ Advanced | ✓ Standard |
What Makes Indemo Unique
Discounted Debt Model
The only platform offering retail investors access to discounted defaulted loans backed by Spanish real estate
Higher Return Potential
Historical returns averaging 26.4%, significantly above most real estate P2P platforms
Visual Investment Interface
Interactive property map and Flow View system providing unmatched transparency
MiFID Regulation
Strong regulatory framework providing enhanced investor protections
Top Alternatives
EstateGuru Most Established
- ✓ Active Secondary Market
- ✓ Geographic Diversification
- ✓ Proven Track Record
Property Partner UK Focus
- ✓ Property Fractional Ownership
- ✓ Monthly Rental Income
- ✓ FCA Regulation
Reinvest24 Rental + Growth
- ✓ Monthly Rental Payments
- ✓ Secondary Market Available
- ✓ Multiple EU Countries
Tax & Reporting
Tax Documents
Annual Income Statement
Comprehensive yearly report detailing all investment income and profits realized during the tax year. Available in PDF format by January 31st for the previous year.
Transaction History
Detailed transaction logs showing all account activities including investments made, profits received, and fees paid. Available for export in CSV and PDF formats.
Payment Confirmations
Individual confirmation documents for each investment return received, detailing the investment ID, property information, and profit breakdown.
Reporting Features
Portfolio Dashboard
Real-time portfolio performance tracking and investment status updates
Document Center
Centralized access to all tax documents and investment reports
Export Options
Multiple format exports (PDF, CSV, Excel) for accounting purposes
Income Notifications
Real-time alerts when investments generate returns
Tax Considerations by Region
The taxation of income from Indemo investments varies by country. Here’s a general overview of tax considerations for key markets:
European Union
- Income typically taxed as capital gains or investment income
- Tax rates vary significantly between EU member states
- Some countries may require quarterly declarations
- EU tax residence determines applicable rules, not citizenship
International Investors
- No withholding tax applied by Indemo on earnings
- Tax treatment determined by investor’s country of residence
- Double taxation treaties may apply in some jurisdictions
- Consult local tax advisor for country-specific requirements
Important Considerations
- • Tax treatment varies significantly by country and individual circumstances
- • The timing of taxation may be complex for discounted debt investments
- • In some jurisdictions, returns may be taxed only when realized
- • Consult a tax professional for personalized advice
Tax Documentation Tips
- • Download and save all tax documents when they become available
- • Maintain detailed records of all investments and returns
- • Export transaction history regularly for backup purposes
- • Review annual statements for accuracy before tax filing
Final Verdict
Key Takeaways
- Innovative platform offering access to Spanish discounted debt investments
- Impressive historical returns (26.4% average) significantly above typical P2P real estate platforms
- Well-regulated with MiFID investment firm license providing regulatory oversight
- Intuitive visual property map and transparent Flow View system
- Lack of secondary market restricts liquidity until planned launch in 2025
Recommended For
- Investors seeking higher returns than traditional real estate platforms
- Those with a medium to long-term investment horizon (2+ years)
- Experienced investors comfortable with the Spanish real estate market
- Individuals looking to diversify their P2P portfolio with unique products
- Investors who value transparency and regulatory oversight
Not Suitable For
- Investors requiring quick access to their capital
- Those seeking regular monthly passive income
- Highly risk-averse investors uncomfortable with debt recovery processes
- Investors seeking geographic diversification across multiple countries
- Those who prefer platforms with extensive track records
Concluding Assessment
Indemo represents an innovative addition to the European real estate crowdfunding landscape, offering a unique investment proposition through its discounted debt investments. The platform’s MiFID regulation, user-friendly interface, and impressive historical returns create an attractive package for investors willing to accept the liquidity limitations and geographic concentration.
The platform’s rapid growth trajectory demonstrates increasing market acceptance. With over 6,200 investors and nearly €9 million in funded loans in just over a year, Indemo has clearly found a receptive audience for its distinctive investment model.
While the lack of a secondary market currently limits liquidity options, this is expected to be addressed in 2025. For investors who can commit capital for at least 24 months, the platform’s higher return potential makes it worthy of consideration as part of a diversified investment strategy.
Ready to Explore Discounted Debt Investing?
Access Spanish Real Estate at Discounted Values
* Terms and conditions apply. Investment involves risk of capital loss. Past performance does not guarantee future returns. Always conduct your own due diligence before investing.
Listen to Our Indemo Review
Listen to our audio summary of the Indemo review while browsing or on the go. Duration: 2:09
Why listen? Get the key highlights of our in-depth Indemo analysis including returns, risks, and who this platform is best suited for.
