Discounted Debt Investments (DDIs) are a compelling way to invest in non-performing real estate loans purchased at significant discounts from Spanish banks. These loans typically feature real estate collateral, meaning they’re secured by properties—like apartments, townhouses, and villas. Investors can buy these debts at a much lower than face value and profit when the underlying property is sold at market value 📈. This model opens up Spanish real estate investing to a broader audience through a digital platform.

• Acquisition of non-performing loans — Spanish lenders, eager to offload bad debts, sell them at substantial discounts. 

• Selection & Bundling — Indemo’s expert partners select loans with strong recovery potential and bundle them into Notes, offering built-in diversification across various debts.

• Investor Access — These Notes are made available to individual investors via the Indemo platform, allowing them to assume both the risks and upside rewards of the underlying debt. 

• Recovery & Sale — When properties are sold or the borrower settles, investors receive their share of principal + profits, often resulting in double-digit annual returns. 

The tariff is almost empty: registration, investing, auto-invest, deposits and withdrawals are all free; the only listed charges are 2.90 euros a month after six months of total inactivity, 50 euros for an extended account statement and 300 euros for a private transfer of assets. The real cost is invisible: after recovery expenses, the profit on each deal is split roughly half-and-half between investors and the platform side — a large charge that appears on no fee schedule. Latvian withholding tax (5% for most EU residents) comes off at source. And the biggest cost of all is time: money stuck in a case earns nothing.

No regulator action, sanction or fraud allegation exists — the Latvian register shows a clean licence. The negatives are consistent review themes. Trustpilot scores Indemo 3.8 from 146 reviews, with roughly one in eight giving one star. The dominant complaint is money going in and nothing coming out: a reviewer with 24,000 euros invested reported about 2% a year after nearly two years; another described six months with no earnings at all. Others report intrusive source-of-funds checks near 10,000 euros, and a Bulgarian investor was rejected despite marketing that welcomes all EU documents. Independent reviewers repeat the same caution — one published portfolio of 2,500 euros produced 29 euros of profit in a year, and a well-known reviewer recommends only a small experimental allocation until the track record matures. On the positive side, a German blogger with 8,000 euros invested reports payouts arriving reliably, and one analyst rates the platform's risk framework highly.

Spanish banks sell off defaulted home loans in bulk at deep discounts. Indemo's Spanish supply partner buys selected claims — fewer than 10% of those offered — targeting completed, existing homes rather than construction. Each claim is priced on two ratios: the price paid against the property's appraised value, and against the debt's face value; the portfolio-average discount is 57.3%. The claims are then packaged into Notes through Nasdaq CSD and listed under EU securities rules with a key information document. What you cannot see: the price, discount or valuation of the specific deal you are buying — none is published per case, and outside reviewers warn valuations may be dated.

every underlying loan is already in default — that is the product, not a malfunction. The bet is on Spanish courts, settlements and institutional buyers turning discounted claims into cash, and on the platform's discipline in buying at genuine discounts you cannot independently verify. That makes Indemo unlike any interest-paying platform it gets compared with: a default here means recovery is stalling, not a borrower missing a payment. Both the upside (57% discounts, 15-21% on finished cases) and the frustration (5.7% typical, years of silence) flow from the same design.

The executive team is four people: chief executive Sergejs Viskovskis, a lawyer by background with time at Rietumu Bank and Mintos (Latvia's biggest retail investment platform), plus a chief risk officer, a technology chief and a finance chief, all described as ex-banking and fintech. Co-founders named in an independent review worked together at Rietumu Bank. The company, Indemo SIA of Riga, was set up in May 2022 and licensed six months later. Who actually owns it is not published anywhere we could verify — the register hides shareholder names — which is worth knowing for a firm holding your securities.

It mostly waits, and manages the waiting. Recovery runs through a 24-step Spanish court process — the platform's own published examples show one Madrid case stuck at appeal for two years and eight months before finally repaying, and another paused since January 2024 over a consumer-clause challenge. In practice most completed cases have not gone the distance: five of the first seven were resolved by selling the claim to an institutional buyer instead. If a case stalls, nothing compensates you — no penalty interest, no buyback — and the one lever Indemo has is choosing when to sell a claim on. All servicing depends on a single Spanish firm, which is the concentration to worry about.