Before a discounted debt investment opportunity appears on Indemo, a lot of work has already happened behind the scenes.
In Before the Flow: How Mortgage NPLs Are Evaluated, Part 1, David from Indemo sits down with Ilja Hagins, Managing Director of Tamarindo Vector, Indemo’s Spain-side partner, to explore how mortgage NPL opportunities are reviewed before they reach the platform.
This video continues our investor education series with Ilja. After the Flow Stages Step-by-Step Guide, where we looked at what happens once a case is already moving through the visible recovery process, this conversation goes one step earlier: what happens before an opportunity is selected and listed on Indemo.
What this video is about
Investors usually first see an opportunity when it appears in the Indemo Market. But before that, Tamarindo and other professional debt suppliers review potential mortgage NPLs from several angles, including the property type, collateral value, location, legal stage, liquidity, and possible recovery route.
In the video, Ilja explains how opportunities first reach professional buyers, how portfolios of NPLs are screened, which cases are rejected early, and why professional evaluation is not based on one single number.
A larger discount can look attractive, but it does not automatically make an opportunity better. A professional buyer also needs to ask whether the property is liquid, whether the legal process is clear, whether the location has demand, and whether the expected recovery route supports the investment case.
In the video, we discuss:
- How mortgage NPL opportunities first reach Tamarindo
- Why only a portion of reviewed opportunities are selected
- What Tamarindo looks at during the first screening
- Why residential collateral is currently the main focus
- Which legal or collateral red flags can stop a case
- Why location and liquidity matter, even outside major cities
- How local knowledge, real estate agencies, and on-the-ground checks support the evaluation process
- Why a lower PTV or deeper discount is not always the full story
Practical case: discount vs liquidity
One of the key examples in the video compares two possible NPL opportunities.
One case may have a much deeper discount to the property appraisal, but the property is in an area with fewer transactions. Another case may be more expensive, but similar apartments in that market sell regularly.
For Tamarindo, the question is not only:
How big is the discount?
It is also:
How clear is the exit?
How liquid is the property market?
How advanced is the legal stage?
How predictable is the recovery route?
This is why different opportunities on Indemo can have different PTV and PTD levels. A case with a higher PTV may still be attractive if the legal stage is more advanced, the location is more liquid, and the expected timeline is easier to model. A case with a lower PTV may offer more potential upside, but may also require more time, more legal progress, or more uncertainty around the exit.
Watch the full video
Continue learning
Watch Before the Flow: How Mortgage NPLs Are Evaluated, Part 1 to better understand how professional partners review opportunities before they become available on Indemo.
Part 2 will follow soon, where the conversation continues with more detail on what makes one mortgage NPL opportunity different from another, from collateral and location to pricing, liquidity, and recovery strategy.
This content is a marketing communication. It shall not be treated as investment advice, independent research or offer, recommendation or invitation to invest in the investment opportunities referred to herein. The content is not aimed at promoting services or products to persons based in jurisdictions where the distribution of said information would be illegal.
Investing in financial instruments involves risk, and there’s no guarantee that investors will get back invested capital. Moreover, past performance does not guarantee future returns. Indemo SIA shall not be responsible for any direct or indirect loss from using the provided information.