Indemo 2.0: Our 2026 roadmap -(Part I: real liquidity and exit)
2026 is a big year for Indemo. It’s our third full year of operations, and we’re entering it with a strong foundation — and, most importantly, a huge and valuable amount of feedback from our community.
Now we can finally share what we’ve been building toward: Indemo’s product development plan for 2026 — created directly from the feedback we’ve been hearing most consistently from our investors over the last months.
We’re genuinely thankful for every message we receive — including criticism. It helps us make Indemo stronger, improve what matters, and set the right priorities.
Two-part roadmap for 2026
With this in mind, we’ve divided our 2026 plans into two parts:
- Part I focuses on what matters most for many community members today: real liquidity and exit options, and better, more dynamic information about the discounted debt portfolios investors hold.
- Part II (coming next) focuses on making Indemo the most convenient passive real estate debt investing app on the market.
What we cover in Part I
In this article (Part I), we’ll cover three major initiatives:
- Discounted Debts re-evaluation (Portfolio NAV + yield forecast) — planned (Q2 2026)
- Secondary Market — planned (Q3 2026)
- Indemo Early Exit (trade-in functionality) — planned (Q2 2026)
Why we’re building this (mission and principles)
Indemo’s mission is to translate how the institutional and professional debt market works — where the “big sharks” operate — into an accessible product for ordinary private investors.
To deliver on that mission, institutional market principles must be fully integrated into Indemo’s operations and product logic, including:
- Stage-based pricing rules
- Clear valuation assumptions
- Proven debt management tactics
When Indemo’s pricing and valuation principles reflect institutional market logic, it makes the product more liquid and tradable — including tradable on the broader institutional secondary market at a target yield, as demonstrated in completed repayment cases.
The initiatives outlined in Part I are designed specifically to bring these principles into the day-to-day investor experience on Indemo.
Discounted Debts re-evaluation: Portfolio NAV, yield forecast, and market-aligned valuation
Since we launched Discounted Debts on Indemo, the platform has largely displayed performance parameters the way they looked at the moment a Note was initially listed. In reality, discounted debt is not a static product. The underlying economics evolve over time — not because of speculation, but because there are clear and measurable drivers that influence claim size, collateral dynamics, and recovery expectations.
Why the value changes over time
1) The debt amount grows over time
In most mortgage NPL cases, the claim amount increases as default interest accrues and legal/servicing fees are added. These figures are calculated and recorded by the legal team regularly (typically monthly). As a simplified average reference point, this often corresponds to roughly ~5% per annum, depending on the case and stage.
2) Less time to exit (as the debt progresses through the Recovery Flow)
As a debt progresses through the Recovery Flow — and successfully passes some of the most lengthy and complex stages (such as Subrogation and Appeal) — there is naturally less time remaining to reach one of the exit scenarios. That reduced remaining duration is a key value driver and should be reflected in valuation and yield expectations.
3) The collateral value changes
Real estate value is also not static. Markets such as Spain have shown long-term upward pressure, and our assumptions typically model ~4% p.a. on average (with variability by region and cycle). This is a deliberately conservative assumption when viewed against long-term housing price statistics over the last ~30 years.
As these drivers evolve, the effective discount at which an investor entered also changes over time. That naturally impacts key metrics such as PTV and PTD, and therefore how an investment should be evaluated at any given moment.
How pricing discipline is set at listing
When our servicing partner acquires debts and lists them on Indemo, each Note follows a strict performance model that reflects a target ~15% return potential, based on recovery timing expectations and scenarios defined for each stage of the recovery flow.
In practice, this means each recovery stage has defined pricing boundaries (PTV/PTD limits) designed to keep the target return achievable even under conservative (“worse timing”) recovery scenarios — including a very slow full recovery cycle of up to 5 years, assuming no alternative exit scenarios (such as out-of-court settlement or secondary-market sale) are available.
The gap today — and why it matters, especially for a secondary market
Because these evolving valuation drivers are not yet reflected on the platform, investors are forced to “fill in the gaps” with their own assumptions. This leads to speculation around numbers, ungrounded pricing expectations, and inconsistent comparisons between Notes. Over time, that would also create unhealthy behavior in a future secondary market and could put its integrity at risk.
What we’re building in 2026
To close this gap, we will introduce dynamic revaluation taken from the institutional secondary market directly into the investor experience:
- Dynamic PTV / PTD in the investor’s portfolio (reflecting updated claim amount and collateral inputs)
- Debt-level yield forecast and progression — showing both the actual yield trend and the forecasted yield, based on how the debt is progressing through recovery stages and how that progress correlates with our stage-based performance model
- A clear, investor-friendly Portfolio NAV that reflects the updated value of the portfolio an investor owns
Bottom line: this upgrade brings Indemo closer to how Discounted Debts work in reality, improves transparency through true portfolio valuation, and creates the pricing foundation required for a healthy and credible secondary market. Just as importantly, it aligns our valuation and pricing logic with how institutional NPL buyers and sellers operate in the Spanish market — where disciplined, model-based pricing and stage-based assumptions are standard practice.
Status: planned (Q2 2026)
Secondary Market (Indemo’s 2026 flagship)
After the long-anticipated “1 Note = 1 debt instrument” release in November 2025, we plan to release Indemo’s flagship feature for 2026: the Secondary Market.
This will be a fundamentally different experience from what investors may be used to on traditional P2P platforms.
What will change
We will rework the Primary Market and Portfolio experience into a unified market, where investors can:
- Buy Notes from the market
- Sell Notes to other community members
- Navigate opportunities using pricing rules grounded in the re-evaluation model, rather than speculation or inconsistent assumptions
How liquidity will be supported
Secondary market liquidity will be supported through multiple mechanisms:
- AutoInvest strategies, which can continuously allocate into eligible Notes or offer priority cash-out options, depending on the strategy settings and market rules
- Liquidity providers, including our debt supply partners and other professional NPL buyers, helping ensure healthier market depth and more consistent pricing behavior
Community-first development
The Secondary Market is the main flagship for Indemo in 2026, and we’re currently working through the concept and structure. We will engage the community throughout the process — gradually revealing key modules and features, and actively collecting feedback to shape the final product.
Status: planned (Q3 2026)
Indemo Early Exit (trade-in functionality)
We understand that flexibility in planning your investment horizon is an important part of any investment product. And because Discounted Debts are a unique instrument (typically oriented toward a mid-term horizon), some investors may later realize they overestimated their timeline — or simply need additional liquidity for personal reasons.
That’s why, together with our debt supply partners, we plan to introduce Indemo Early Exit — a structured “trade-in” option designed to provide controlled liquidity without compromising pricing discipline or market integrity.
How it will work (high level)
Monthly repurchase budget
Each month, our debt supply partners will announce a fixed repurchase budget allocated specifically for Early Exit trade-ins. Repurchase pricing will follow transparent rules tied to a clearly defined watermark.
Monthly eligible list (published in advance)
To make the process clear and predictable, we will publish a monthly list of Notes eligible for Early Exit. This list will be updated and expanded each month based on operational capacity and the announced budget — so investors know upfront which Notes can be submitted during that period.
Transparent processing (FIFO)
Early Exit requests will be processed under clear rules, including first-in-first-out (FIFO) handling, and executed within the available monthly repurchase budget. This keeps the process consistent, fair, and predictable for all investors.
Bottom line: in practice, an “early exit” already exists today through selling the debt on the institutional secondary market by the servicing company. Introducing this feature will make the process faster, more structured, and more flexible for retail investors — within transparent rules and monthly budgets.
Status: planned (Q2 2026)
Closing: we’re building Indemo 2.0 together
Everything you see in this roadmap is shaped by the same thing that has guided Indemo from the beginning: community feedback. Your comments, questions, and even frustrations help us prioritize what matters most and build a platform that truly works for passive real estate debt investing.
We’ll keep sharing updates as we ship each milestone — and we’d genuinely love to hear from you. Please share your comments and thoughts on the Indemo 2.0 plans: what you’re most excited about, what you want to see next, and what would make the biggest difference for your investing experience.
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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.