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Hipocredit
Łotwa
AS Hipocredit lends money to people in Latvia against their homes, every loan secured by a first mortgage. Mintos investors lend it money and earn interest. Our memo scores it 67 out of 100, a B, and puts the chance it fails to pay within a year at about 2.6%.
Kluczowe dane
- Średnie oprocentowanie
- 10.09%
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- Portfel pożyczek
- €5,928,939
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- €50
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AILender memo · Hipocredit · Latvia
Hipocredit: how likely is it to fail to pay its lenders?
AS Hipocredit lends money to people in Latvia against their homes. Every loan has a first mortgage, and the homes behind the loans are worth about two and a half times what the borrowers owe. Investors reach it through Mintos, where it is listed as Hipocredit (LV). This memo asks one question: what is the chance that AS Hipocredit fails to pay the people who lend to it 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
67/ 100
B Sound
ABCDE
About 1 in 39chance of failing to pay in the next 12 months (2.6%)
12%of a portfolio — our framework limit for a B
Our scale
A B carries a portfolio limit of 12%. Latvia is a B country on our separate country scale, which allows 25% for all Latvian lenders added together; that does not bind, so the grade limit governs. No group uplift: the new owner paid €420,000 of fresh capital into the company in 2026, but we found no written guarantee to Mintos investors, and the company that owned it before never gave one. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
The answer: about 1 in 39 — a small lender, well covered by property, with thin profits and a brand-new owner
The collateral is the strength here. Every loan is secured by a first mortgage registered in the Latvian Land Register, and on average a borrower owes 39% of what the property is worth. A home could lose more than half its value before the loan itself was at risk. The company says it has never lost principal. But 2025 brought its first large bad loan: one large borrower went insolvent, and €346,852 was set aside against seven doubtful loans.
The weakness is how little is left over. Of every €100 of income in 2025, 52.16 went to its own lenders as interest and fees, and 8.90 was left as profit — down from 22.72 a year earlier. Profit fell from €0.55m to €0.20m while income fell 5%. The audited accounts confirm those figures and explain them: fewer new loans, and more money set aside for bad debts.
And almost everything about the ownership changed in July. The company was sold on 16 July 2026, has a new board, and issued a new unsecured bond in August. None of that is in the 2025 figures, which RSM Latvia audited with a clean opinion and no warning about the business continuing.
Four things decide the score, and the loan book is what holds it up:
💵Financial strengthC
Profitable in every year shown, but profit fell to €0.20m, mostly from bad debts, and earnings covered the interest bill only 1.26 times.
🏠Loan bookA
Every loan backed by a first mortgage; borrowers owe 39% of the property's value on average; no principal lost so far. But seven doubtful loans needed three-quarters set aside in 2025, and the arrears split is from the end of 2023.
🇱🇻Country: LatviaB
The euro, so no currency risk, and a land register that works. A caretaker government since May 2026 and an election in October.
⚖Group and other risksD
Sold to a new owner in July 2026, new board, a new unsecured bond — and two changes of board chair between September 2025 and January 2026.
A new owner, a new board and a new bond, all within three months.SIA Hipocredit Group took 100% of the company on 16 July 2026. Its beneficial owner is Aigars Kesenfelds, whose family investment company owns 64% of it; he is also a registered beneficial owner of Mintos. An up-to-€8m bond at 8% followed in August. None of this is in the figures below.
The 2025 accounts are audited and clean — and they show the first large bad loan.RSM Latvia signed a clean opinion on 15 May 2026, with no warning about the business continuing. The notes show seven doubtful loans owing €462,469, with €346,852 set aside against them, the insolvency of a large borrower, and €524,486 of property taken over from a borrower and held for sale.
The property cover is real, and it has been tested.The company started 65 recoveries up to January 2024 and completed 47 of them in full, with 18 still running. Its 2025 audited report says that in no case has principal been lost when a mortgage was enforced.
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 cannot pay, and what would you get back if it could not. This memo answers the first. The second depends on the property behind each loan, and on how long a Latvian court takes.
A 1 in 39 chance of failing to pay in a year is not a promise about any single loan. It is our estimate for the company as a whole, on the figures we could read.
What you own
Slices of loans to people in Latvia, each secured by a first mortgage on a home.
What stands in front of you
€2.50m of owners' money, 14.5% of everything the company owns, plus €420,000 paid in during 2026.
What would hurt most
Not a fall in house prices — the cover is wide. It is the thin margin: a 13.7% fall in income wipes out the pre-tax profit.
🏦
A licensed lender
Licence NK-2016-012 from the Consumer Rights Protection Centre since 29 August 2016. Active, with no sanctions listed.
🇱🇻
Latvia only
An office in Riga and 8 staff, lending across the country.
🏠
Loans against property
First mortgages, mainly on flats. Borrowers owe 39% of the value on average, 69% at most.
📈
A €15.84m loan book
At December 2025, down 8% over the year, on income of €2.28m.
🟦
On Mintos
Listed as "Hipocredit (LV)". The present structure dates from October 2016.
💰
€5.9m outstanding
Mintos's own figure, read on 9 November 2026, not independently verified.
📊
5.5–8% paid to investors
The rate on its Mintos loans, from the 2025 audited notes. Mintos shows an average return of 10.09% (read on 9 November 2026); we could not reconcile the two.
🔁
Buyback and a pledge
A 60-day buyback, and commercial pledges of up to €20m and €4m given to Mintos.
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