Regulated
Bonus running
Can sell early
- Risk level
- High
- Risk-return
- Medium
- Start from
- €50
Referral link · capital at risk
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Imagina Leasing
Mexico
Imagina Leasing S.A.P.I. de C.V. leases machinery and equipment to businesses in Mexico. Mintos investors lend it money and earn interest. Our memo scores it 48 out of 100, a D, and puts the chance it fails to pay within a year at about 7%.
Key figures
- Average rate
- 12.07%
- average, not guaranteed
- Loan portfolio
- €37,808,613
- Start from
- €50
Capital at risk. The rate is agreed, not guaranteed: if a borrower defaults you can lose some or all of your money.
Would AI invest?
AI 48 LowOur AI gives this project 48 out of 100: Low. How the AI score works
Information, not personal investment advice. The AI score rates the documents the platform publishes, can be wrong, and does not predict returns.
AI review
AILender memo · Imagina Leasing · Mexico
Imagina Leasing: how likely is it to fail to pay its lenders?
Imagina Leasing S.A.P.I. de C.V. rents out machinery, trucks and equipment to small and medium-sized businesses in Mexico. Mintos investors lend it money through business-loan notes. This memo asks one question: what is the chance it fails to pay its lenders back in the next 12 months, and why.
THIS IS NOT FINANCIAL ADVICE. This memo was prepared with the help of AI from publicly available documents. It is general information for education only — not a recommendation to buy, sell or hold anything, and it does not take account of your circumstances. Figures may contain errors; check them against the original documents. Investing through P2P platforms can result in the loss of all money invested.
Our score
48/ 100
D Weak
ABCDE
7%chance it fails to pay in the next 12 months
2%the most of a portfolio our framework would put here
Where that sits on our scale
Our framework caps this lender at 2% of a portfolio. That is the cap for a D on our scale, and it sits well inside Mexico’s country limit of 15%. No parent guarantee improves the odds: the owner has given none. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
A profitable business — but its accounts leave a lot unexplained, and Mintos investors now fund about 73% of its book
On its audited figures Imagina makes money and keeps all of it in the business. The score is pulled down by everything around those figures: the accounts it files contain arithmetic that does not add up, it has delivered them to its lenders far later than it promised, Mintos investors now fund about 73% of its book, and Mintos’s own figures for the Mexican leases behind those notes do not match the company’s own tables at all. Each figure below shows the odds as if that were the only risk the company faced.
💶 Earnings and safety cushion C
about 5%Profitable in both audited years — but it owes euros while earning pesos, and the cushion is thinner than it looks.
📉 Are its leases repaid? D
about 12%Its own tables say 98% are paid on time. Mintos’s figures for the same leases put it at a third.
🇲🇽 How risky is Mexico? C
about 4%A stable economy with no cap on lending rates, slow courts, and a currency that can fall quickly.
⚖️ Anything else? E
about 19%Audits delivered far later than promised, mistakes in the filed accounts, and one funder behind most of the book.
Good news: it earns money, and no dividend leaves.Income rose from MXN 327m in 2023 to MXN 509m in 2024, and profit from MXN 55m to MXN 84m. No dividend has been paid in any year we can see: the owners put money in during 2023, and in 2025 MXN 167m of past profits was turned into share capital. RSM signed the 2024 accounts with a clean opinion and raised no doubt about the business continuing. On the company’s own quarterly tables, 98.24% of its leases were being paid on time at the end of 2025.
Careful: two things are unexplained, and one of them is large.First, Mintos’s own loan-performance table for 13 September 2026 shows only 33.6% of the Mexican leases behind these notes paying on time, 2.6% inside a grace period and 63.9% between one and fifteen days late. Imagina’s own tables, for the end of 2025, show 98.24% on time. Those are two accounts of the same borrowers, and nobody has reconciled them. Second, Imagina promised its lenders audited accounts within 120 to 180 days of each year end and has not met it in any year we can date: the 2023 audit was signed 364 days after the year end, the 2024 audit after 253 days, and the 2025 audit — which the company itself said would be ready by 30 June 2026, already a day outside the window — had not appeared by late September. Neither of these is a missed payment to investors: on the same Mintos capture, nothing at all was owed to investors and overdue.
Why this number matters
Every investment carries risk, and risk is not really a letter or a mark out of ten. It is two plain questions: how likely is it that this company fails, and how much of your money would you lose if it did. Put those together and you can see whether the reward is worth it.
For Imagina: about a 7% chance of failing in the next 12 months. If we assume about 30% of the money comes back in that case, the risk costs roughly 4.9% a year — against the 12.1% the notes pay. That leaves about 7.2% as the reward for taking the risk.
Show how this works
1. The rate is a promise, not a result
An advertised 12.1% is what you are promised if everything goes well. What you keep is that rate minus what failures cost you. So the rate on its own tells you very little — and the highest rates on a platform are usually high for a reason.
2. Put a price on the risk
Risk cost = chance of failing × share of your money you would not get back. Nobody knows the second number in advance. How much comes back has varied widely from case to case. We use 30% back, 70% lost, as our own working assumption so that memos can be compared with each other — it is not a measured figure, and the answer moves a lot if you choose differently.
3. Compare like for like
Take two imaginary lenders. One pays 14% but has a 17% chance of failing within the year: the risk costs about 11.9% a year, leaving roughly 2%. The other pays 9% with a 2.5% chance: the risk costs about 1.8%, leaving about 7%. The bigger number on the screen can easily be the worse one.
Imagina, worked through
| On our numbers | |
|---|---|
| Chance of failing in a year | 6.95% |
| Loss if it fails (70%) | × 0.7 |
| Risk cost a year | 4.9% |
| Rate offered on Mintos | 12.1% |
| Left after the risk cost | about 7.2% |
Two things this arithmetic leaves out. A real failure does not arrive as a yearly cost; it arrives all at once, which is why how much you put in one place matters as much as the rate. And the 7% is our reading of what we can see today. If Imagina were ever to miss a payment to investors, our framework would set the answer to at least 25% and the cap to nothing — and at 25% the risk would cost 17.5% a year, which 12.1% does not cover. Nothing we found establishes that, and the platform’s own figures show nothing overdue.
The 12.1% is Mintos’s average rate across its outstanding Imagina notes.
Where our number comes from: we score six questions out of five, weight them into a score out of 100, and convert that score into a chance of failure using the long-run default rates that S&P publishes for companies of each credit quality. Small lenders fail more often than rated companies, so we treat every figure as a floor rather than a best guess. It is our own estimate from public documents — not a credit rating, not a market price, and not a promise about what will happen.
The company at a glance
What it is
An ordinary company, not a bankRegistered 30 April 2015. It is not a SOFOM or any other licensed lender, so no financial regulator sets how much of its own money it must hold.
What it does
Rents out equipmentMostly industrial machinery (75%) and transport (22%), on 12 to 60-month contracts of €20,000 to €1.5m. It owns the machines and rents them out; about 5% is lease-back financing.
How much it has out
MXN 1,129mLease receivables at the end of 2025 — about €53.5m at the rate the Mintos prospectus uses for that date.
Who owns it
Grupo CapadamaThe founding shareholder, Grupo Capadama, holds 99%. Who owns Grupo Capadama is not disclosed, and it has given no guarantee to anyone here.
Where an investor can lend to it
Platform
MintosBusiness-loan notes issued by SIA Mintos Finance No. 56, under a €50m programme.
Borrowed from investors
€37.8m9 November 2026 — Mintos’s own figure. Mintos puts the whole book at €51.5m on the same date, so Mintos investors fund about 73% of it.
Average rate
12.1%9 November 2026 — Mintos’s own figure.
Protection offered
Buyback at 60 daysPlus pledges over the lease rents and the machines, and payments routed through a trust account. Imagina may borrow no more than 90% of each lease from the Mintos company, so at least a tenth of every lease stays at its own risk.
Mintos Risk Score
7.6Updated 9 October 2026 — Mintos’s own score, not ours. It was 7.4 after the update of 9 July 2026, when the buyback part of it was cut, "due to higher exposure risk".
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Information, not personal investment advice. The AI score rates the documents the platform publishes, can be wrong, and does not predict returns.
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