Indemo Review – What you need to know about the real estate platform
On this page you will find my Indemo review so far. On Indemo you invest in real estate loans and already defaulted loans in a regulated environment!
I’ve been familiar with the concept of the platform for over 2 years, back when it was called something else. That’s why I’m all the more excited to finally see its launch, which was realized at the end of 2023. In its concept, this real estate platform is quite unique. That makes it very interesting on the one hand, on the other hand you have to understand exactly what you are getting into.
You can find additional tutorials on the homepage of the English section of my blog.
(1.75% – 3.75% immediate cashback depending on the investment amount via the “Fast Track” program. With the code “kredithai” you start directly with 2.25%).
Please note my disclaimer. I do not provide any investment advice or make any recommendations. I am personally invested in all the P2P platforms I report on. All information is provided without guarantee. Past performance is not indicative of future results. All links to investment platforms are usually affiliate/advertisement links (possibly marked with *), where you can benefit, and I earn a small commission.
What is Indemo?
Indemo is a new real estate platform from Latvia with some special features that you won’t find on other platforms. First of all, the platform is regulated by Latvia’s central bank and packages properties into so-called notes. In these notes there are several real estate properties. All notes have a securities identification number (ISIN) of Nasdaq Baltic. All notes are also part of a SPV (Special Purpose Vehicle) and are managed by Indemo.
On the other hand, there are not only the classic real estate loans (mortgage loans), but also so-called DDIs. DDI stands for “Discounted Debt Investment” or, in other words, loans that have already defaulted. Indemo takes over these loans, buys them at a discount and tries to sell them at a profit in order to achieve an excess return in which we as investors can participate.
The current focus is mainly on Spain, although Indemo could also be active in other countries with its license and probably will be in the future.
The notes on Indemo always contain several properties.
Indemo Review – Key Data at a glance
Before we delve into the details of my Indemo review, here are the most important data points for you in one place.
| Founded: | 2022 (launched in 2023) |
| Headquarters: | Riga, Latvia, registered as SIA Indemo |
| CEO: | Sergejs Viskovskis, involved since inception |
| Regulated: | Yes, by the Central Bank of Latvia |
| Assets under Management: | 5.7 million EUR |
| Financed Loan Volume: | 6.7 million EUR |
| Number of Investors: | ca. 4.300 |
| Return: | 28,3% according to official information on the website |
| Buyback Guarantee: | No (However, projects typically have collateral) |
| Minimum Investment Amount: | €10 |
| Auto Invest: | Yes |
| Secondary Market: | No |
| Issuance of Tax Certificates: | Yes |
| Investor Loyalty Program: | Yes |
| Signup Bonus: | Yes, 1.75% – 3.75% immediate cashback depending on the investment amount via the “Fast Track” program. With the code “kredithai” you start directly with 2.25%. |
| Rating: | Place 15 | Refer to the public rating. |
| Last Business Report: | The last audited annual report dates from 2023 (view). |
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The history of Indemo
The last 3 news from Indemo
Registration for investors
Signing up with Indemo is simple, but a bit more tedious than with other platforms. The following steps need to be completed.
- Creating an account by entering your email address and password.
- Entering your personal data.
- Verifying your identity (e.g. with your ID card).
- Answering the questions of the product suitability test.
You don’t have to do it all at once, you can do the rest after creating the basic account. Keep in mind that the answers to the product suitability test will determine the tools you can use on the platform, so take a few minutes to do it.
After complete registration, you’ll be ready to invest in the first exciting projects on the platform. By the way, always pay attention to bonus promotions of the platforms to give you advantages. You can find a constantly updated list of all bonuses in my P2P platform comparison.
Example of the questions from the product suitability test.
How do I deposit money?
You can make the deposit for Indemo in your account. To do this, go to the “Add Funds” section that you can find in your profile. After that you will be able to see both your previous payment history and the bank account to which you can transfer money. Note that this must come from a personal account with your name!
Bank transfer details from Indemo.
How do I pay out money?
You do this in the same area, but now you go to the “Withdrawal” tab. Here you can withdraw interest and also your deposited capital, if it is not invested in projects. Please note that for the withdrawal you must use your personal account with the identical name that was used for the deposit.
How long does the deposit take?
According to my previous Indemo experience, the deposits arrive on the same (business) day. I used the free Revolut* account for this purpose. If you use another method, it may take 1-2 business days until the deposited amount is available on Indemo.
Can I deposit and withdraw with credit card?
At the moment you cannot use credit cards for deposits and withdrawals. Therefore, you need to have a bank account that is in your name.
How does Indemo work?
On Indemo you can invest via the primary market or via Auto Invest. On the primary market you will see a large map with the location of the different projects and to the right the notes on offer. On the map, you can filter by the DDIs and the Mortgage Loans, depending on what you want to invest in.
Within the note view, you will then see the components of the selected note. These are usually individual properties, which you can examine separately if you wish.
Each note include several individual projects.
Unlike traditional real estate loans, the decisive factor for DDIs is not LTV (loan to value) but PTV (price to value). This refers to the price paid for the discounted real estate at its actual value and ultimately determines the return.
If you have decided on a note, you can invest in it and are then bound to your investment until all projects from the note are completed. However, you will be paid partial returns as soon as a project from the note is completed. You can see the status transparently and clearly in a pretty awesome flow overview.
The flow diagram is certainly one of the highlights of the note description.
Is there a secondary market?
No, at the current time there is no secondary market on Indemo.
Is there an Auto Invest?
There is a rather rudimentary Auto Invest on Indemo. You activate it in your main overview as well. You can specify an investment target and also tell it whether you want to reinvest only the principal amount or also the interest. You can also specify the investment category, i.e. DDI or Mortgage Loan.
However, especially in the beginning I recommend you to deal with the projects a bit and not to use Auto Invest. To activate the Auto Invest you need to have money in the account, which is not the case in my example, because I have already invested it 🙂
The Auto Invest of Indemo.
In which countries can you invest?
Investors on Indemo currently invest exclusively in Spain. However, other countries are possible in principle and will probably come.
What kind of projects can you invest in on Indemo?
On Indemo you invest in 2 different forms of notes and asset backed securities:
- Mortgage Loans (Classic Real Estate Development Loans).
- DDIs, which stands for Discounted Debt Investments (defaulted real estate loans that are bought cheaply and whose collateral is sold at the highest possible prices).
What are the costs on Indemo?
As an investor you do not have to bear any costs on Indemo at the moment.
What is the return on Indemo?
At the moment, it is virtually impossible to draw any conclusions about the yield. Indemo itself indicates a return of around 10% for the mortgage loans and 15% for the DDIs. If these can be realized, these are excellent values for a real estate platform.
And in 2024, the first project was repaid and the returns were indeed considerable! Officially, they ranged from 22 – 118%, depending on how invested you were in the property in question. Having invested there myself, I can confirm the results! My own return here was between 32 and 118%.
Indemo Profit Project A81 – Apartment in Carrer de Huelva
What is the minimum investment amount on Indemo?
The minimum investment amount is only 10 EUR, which is extremely low for a real estate investment.
Is there a buyback guarantee on Indemo?
No, there is no buyback guarantee on Indemo. So you can suffer a total loss of your investment. However, there is always a real security for the project, namely a real estate, which usually has a higher value than a buyback guarantee. You can see the value of the collateral in the respective project profile and evaluate it for yourself.
You can find the value of security in every project.
Is there an app for Indemo?
No, there is currently no app for this platform, and it doesn’t make much sense given the complexity of the information and displays.
Can I invest money in other currencies?
No, you invest on Indemo exclusively in Euro. I don’t think that will change in the foreseeable future.
How does the taxation work for Indemo?
You are responsible for reporting your earnings to the tax authorities in your jurisdiction. But, 5% withholding tax will be withheld! However, due to the double taxation agreement, you can fully deduct this tax from your capital gains tax. If you are not resident in the EU, you pay 20% withholding tax.
Is there a tax statement on Indemo?
Currently there is no tax statement on Indemo. However, you can download your transactions via the “Account Statements”. I think a proper tax statement will follow in a few months when the tax returns are due.
The account statements are nicely done and provide everything important.
Indemo Risk
As a result from my actual Indemo review so far, the Latvian platform seems to be a good, reputable and most importantly unique option in the real estate sector. However, investing on Indemo still comes with risks, which can be realized at any time and which we will now discuss below.
How does Indemo earn money?
Indemo earns money from the sale of the properties, if it comes to that Currently, there are no other sources of income and not much can be gathered from the annual reports yet. 2024 will provide better insights here.
Is Indemo operating profitably?
No, Indemo has just been launched and will not operate profitably yet. An unprofitable platform can become a risk in the long run. However, in the case of Indemo, there is no rush here as the platform is still under construction. The first audited annual report was published for 2023.
Excerpt from the Indemo Annual Report 2023.
What happens if Indemo becomes insolvent?
If something happens to the platform, it will not affect your investment for the time being and it will continue to run. In case of insolvency, an insolvency administrator will then take over the processing of the remaining projects & payments and distribute the funds accordingly.
However, we know from past experience that these processes are lengthy and non-transparent. However, none of the previous platform bankruptcies have taken place under the umbrella of a regulator. An insolvency of Indemo is a potential risk for your money, but I consider the probability of occurrence to be low here due to the business model.
How reputable is Indemo?
Right from the start, Indemo is one of the most serious platforms I have seen on the market in recent years. A lot of time has been put into the preparation and the requirement of the regulator. That alone shows that Indemo is not a company that is concerned with making money quickly. Otherwise, they could have launched much earlier and unregulated. However, they have chosen the right path.
How safe is Indemo?
An investment always carries the risk of not getting back some or all of the funds invested, and Indemo is no different. However, the security provided by real assets such as real estate, lowers this immensely. However, in order to better assess the risk, the platform needs to be up and running for a few years. Currently, it is still too early for a verdict.
Are there defaults on Indemo?
In Indemo’s case, this is a funny question because the DDIs are based on defaulted loans. You see, this question makes at best sense for the mortgage loans. To date, however, Indemo has not experienced any losses.
Is there any deposit guarantee on Indemo?
No, definitely not. Indemo is not a bank and therefore does not fall under any deposit guarantee. All the money you invest on the platform is exposed to a risk of default!
However, due to the license Indemo holds, there is a state capital guarantee for 90% of your cash assets up to a maximum of 20,000 EUR, should something happen to the platform. How and whether the whole thing works in practice is not yet known, so I would not rely on it.
Indemo in times of crisis
Indemo investors have been relaxed through the crisis so far, as the platform did not officially start operations until 2023.
Advantages and disadvantages of Indemo
Before we come to a final conclusion of the P2P platform, here is a summary of my pros and cons based on my Indemo review.
Disadvantages ➖
- Total loss possible, there are no buyback guarantees.
- Extremely young company.
- Withholding tax of 5% to be paid.
- New product with no experience in the market.
- The DDIs have no predictable cash flow (only the mortgage loans).
Advantages ➕
- Only 10 EUR minimum investment
- Strictly regulated Latvian platform.
- Good returns in the real estate sector with over 15%.
- Carefully selected projects including collateralization.
- Real collateral in the background.
Then take a look at my P2P platform comparison now. There you will find more information and/or articles about the platforms where I invest.
Evaluation of my Indemo review
Indemo is still very young, but the initial results of my Indemo experience look excellent. Nevertheless, the platform is still at a very early stage. However, the omens are good that with Indemo we will have an exciting and serious player in the real estate market in the future. I would even go so far as to say that this platform is one of the most exciting we have seen in recent years.
That’s also the reason why I joined right from the start. The plan is to let my portfolio grow bit by bit and to take every project with me to gain experience. I assume a minimum return of 10%.
Is there a Indemo forum where you can exchange experiences?
There are various places where you can exchange ideas with other investors and gain experience with Indemo. The first address for this is an international investor group on Telegram where you can discuss.
Is there an Indemo Bonus or Refer a Friend program to start with?
Yes, you will receive 1% and the referred person 0.5% cashback on all investments made by the referred person in the first 365 days after registration. The referrer must invest at least EUR 10. However, you must first be registered to use the program.
There is also the “Fast Track” program, where you get between 1.75% – 3.75% instant cashback depending on the investment amount. With the code “kredithai” you start directly with 2.24%.
What are the alternatives to Indemo?
There is no alternative to Indemo for the DDIs, the discounted notes. For the mortgage loans, however, there is. Here one could mention Estateguru, Profitus or even Crowdpear as alternatives.
About the author
Hi there! I’m Lars Wrobbel, and I’ve been writing on this blog about my experiences with investing in P2P loans since 2015. I also co-authored the German standard work on this topic with Kolja Barghoorn, which became a bestseller on multiple platforms and is regularly updated.
In addition to the blog, I host as well Germany’s largest P2P community, where you can exchange ideas with thousands of other investors when you need quick answers.
