Repayment – R226 Detached House with a Garden in Barcelona

We have completed another successful repayment on Indemo, continuing our track record of real estate-backed recoveries.

This marks the 26th Debt Repayment in Indemo’s debt portfolio, adding another proof point to the reliability of our Discounted Debt model and the performance it continues to deliver to our investor community.

This time, €185,831 in principal and interest was repaid to investors from R226: Detached House with a Garden in Barcelona. This repayment affected the portfolios of 786 investors, representing 0.9% of all active Notes on the platform.

The annual average weighted ROI for this repayment reached 18.58% per annum, with individual annual returns ranging from 15.76% to 21.94% per annum, depending on when each investment was made.

Spotlight on the repaid debt: R226 Detached House with a Garden in Barcelona

At Indemo, every Discounted Debt investment is secured by real residential property in Spain. R226 was backed by a detached house with a garden in Barcelona, providing tangible collateral behind the recovery strategy.

The asset features a detached residential house located in a desirable location with an impressive 8/10 municipality rating. The property offers approximately 206 sqm of adopted area in good overall condition, featuring a practical 4-bedroom layout.

R226 was first listed on 7 April 2026 at Step 5, Debtor Payment Notification, and reached repayment at Step 15, Closing the Auction. This means the case moved through several important legal recovery steps and successfully reached the auction closing stage before the final exit route was selected.

Key figures

Repayment details

Repayment date: 3 September 2026
Repayment amount: €185,831 (Principal + Interest)
Annual average weighted ROI: 18.58% p.a.
Annual return range: 15.76% to 21.94% p.a.

Investor impact

Investors affected: 786
Percentage of all active Notes affected: 0.9%

Flow and exit

Flow stage at listing: Step 5, Debtor Payment Notification
Flow stage at repayment: Step 15, Closing the Auction
Exit scenario: Sale on the secondary market

Recovery scenario

For R226, the case was relatively straightforward. The auction stage was successfully completed, creating a clear path toward taking over the collateral.

However, instead of continuing through the full property takeover, possession, ownership, holding, and resale cycle, the servicing company chose to accelerate the recovery process and optimize further costs. These costs can include taxes, property-related and sale expenses, and other costs connected with taking over holding and sale of real estate.

To achieve this, the servicing company sold the right to take over the collateral to a third party buyer through a so-called CDR transaction.

This is a standard type of transaction in the NPL market. It allows the servicing company to monetize the recovery earlier, rather than going through the full property takeover and resale process itself.

In this case, the legal recovery progress had already strengthened the position of the creditor and made the case attractive for a third-party buyer. By completing a CDR transaction after the auction stage, the servicing company was able to secure a strong and efficient exit while delivering an annual average weighted ROI of 18.58% p.a. to Indemo investors significantly faster than the target timeline.

The servicing company followed the principle of maximising possible profit within the shortest realistic timeframe. In the NPL market, time and recovery progress directly influence the asset price: the more advanced the recovery stage is, and the less time remains until expected resolution, the higher the asset’s market value may become.

The goal of the servicing company is to apply a balanced approach so that both groups of Indemo investors are considered: those who prioritize maximum return regardless of timing, and those who value a shorter recovery period, even if that means accepting a lower yield.

The upcoming Indemo Secondary Market, planned for later this year, will give investors greater flexibility and control to make decisions based on their own timing and return appetite — whether to sell an asset earlier for a more moderate return or hold it longer to potentially capture the full recovery upside.This demonstrates the value of having flexible recovery routes.

Why this exit route made sense

This repayment is another example of the flexibility built into Indemo’s recovery model. Depending on the legal stage, market demand, court timeline, and asset profile, the servicing company can choose the route that best supports investor outcomes within a realistic timeframe.

See how this repayment ranks

You can also see how this repayment compares with previous Indemo repayments in the Insights section of the Indemo website.

The Insights page brings together key platform figures and repayment data, helping investors follow Indemo’s repayment history, compare completed recoveries, and better understand how individual cases contribute to the overall track record.

Clearer Cashback Reporting

In Q2, we also improved how cashback transactions are allocated and displayed in investors’ statements and portfolio reporting.

With the updated logic, cashback is now linked more clearly to the investment transactions that generated it. This gives investors a more detailed view of how cashback was calculated, which investments generated it, and how it contributes to the overall return.

The update also improves the Portfolio > Assets > Sold section. For repaid investments, investors can now see the Actual Return together with a clearer breakdown of the investment return and any cashback already paid in relation to that investment.

This does not change the cashback amount owed to investors. It only improves how cashback is displayed, making reporting clearer, more transparent, and easier to follow.

A note on returns

As with all Indemo Discounted Debt investments, actual returns depend on when you entered the investment, determined by the issue date of your Note.

To check your individual ROI from this repayment, head over to the Portfolio section of your Indemo account. For broader insights, check out the Analytics dashboard.

More opportunities are already live on the platform, so your money can keep working for you.

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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.