Analysing a P2P loan project: listing fields, the EU information sheet and public checks
What a P2P loan listing shows, what the EU key investment information sheet requires, and which register and platform figures can be checked.
Updated: 3 October 2026
A P2P loan listing shows amount, rate, term, any collateral and repayment schedule. Offers under Regulation (EU) 2020/1503 add a key investment information sheet of at most six A4 sides. Estateguru's statistics page, read 3 October 2026, reports a 2025 default rate of 20.14%.
Listing fields on Mintos, Estateguru, PeerBerry, Debitum and Maclear pages
Platforms publish different loan fields, so the first step is to list what each page states. Pages in the table were read on 3 October 2026.
| Platform | Fields and terms stated | Source and page date |
|---|---|---|
| Mintos Notes | A Set pools 6 to 20 loans, minimum EUR 50, issued by a special purpose entity in the Mintos group. The lending company keeps a stake: EUR 100 of a EUR 1,000 loan at 10% | Notes, 23 September 2024; skin in the game, 21 April 2022 |
| Estateguru | Loan type and country, annual interest rate, loan period, LTV, loan amount, collateral value and mortgage amount, manner of repayment | Investor guide, undated |
| PeerBerry | Per originator: loan type, country, buyback guarantee, group guarantee, outstanding loans, interest rate. | Originators, undated; loan types, 28 July 2026 |
| Debitum | A partner that issued a late loan has the option to buy it back | Help centre, 4 December 2025 |
| Maclear | Project page with loan amount, interest rate, repayment schedule and collateral. Borrower profile and a risk score from AAA to D, assigned by Maclear | Project fields, 24.07.2026 (updated 30.07.2026); risk scoring, 03.08.2026 |
Annex I of Regulation (EU) 2020/1503 and the key investment information sheet
Annex I fixes the content of the sheet in parts A to I, in the text published on 20 October 2020. For ordinary offers, the project owner drafts one sheet per offer. Under Article 23, the platform must verify its completeness, correctness and clarity (Article 23).
| Annex I part | What the sheet states for a loan offer |
|---|---|
| A | Owner identity and ownership, a hyperlink to the latest financial statements if available, annual figures for three years if available |
| B | Target amount, deadline, own funds the owner commits, existence of the reflection period |
| C | Main risks tied to sector, project, owner and loan |
| G | Nature, duration and terms, rates, collateral or guarantees, repayment schedule, owner defaults in the past five years, servicing in a default |
| H | Fees and costs to the investor, where to get further information, how to complain |
| I | For individual portfolio management: rate and maturity ranges, default rates per risk category, credit methodology, diversification |
Part I belongs to the platform-level sheet that Article 24 requires for individual portfolio management. A disclaimer sits directly under the title. It says the crowdfunding offer has been "neither verified nor approved by competent authorities or the European Securities and Markets Authority (ESMA)".
A platform that finds an omission with a material effect on expected return must flag it to the owner. If the owner does not correct it promptly, the platform then suspends the offer for up to 30 calendar days and then cancels it.
Knowledge test, loss simulation and reflection period under Articles 21 and 22
Platforms run an entry knowledge test and a simulation of the ability to bear loss before a non-sophisticated investor gets full access (Article 21). Platforms review the test every two years.
Loss capacity in the simulation is 10% of net worth, based on income, assets (without personal and investment property or pension funds) and commitments. The platform reviews the simulation yearly, but investors can still invest after it.
Above the higher of EUR 1,000 or 5% of net worth per offer, a risk warning, explicit consent and proof of understanding are required. As example arithmetic, net worth of EUR 10,000 gives a threshold of EUR 1,000, while EUR 40,000 gives EUR 2,000.
Article 22 sets a pre-contractual reflection period that expires after four calendar days (Article 22). During it, the investor revokes without giving a reason or paying a penalty. For portfolio management, the period applies only to the initial mandate.
Consumer loans, offers above EUR 5 million and Mintos Notes outside ECSPR
Article 1 excludes services for consumer project owners and offers above EUR 5,000,000 calculated over 12 months (Regulation text). As a result, a listing in either group carries no sheet, test or reflection period from this Regulation.
Mintos describes its Notes as "regulated financial instruments", each Set with its own ISIN (Notes help). Its licensing page, updated 3 January 2023, says no Mintos Group company holds a crowdfunding service provider licence. A footer on the Mintos statistics page calls AS Mintos Marketplace an investment firm licensed and supervised by Latvijas Banka.
Estateguru OÜ, however, has held an Estonian crowdfunding authorisation since 8 May 2023 (Finantsinspektsioon). For other platforms, the licensing overview lists the regime, including Go & Grow.
Company registers and audited accounts for borrowers and originators
Borrower checks start with the legal name and registered office that the sheet or listing names. Then, business registers of all EU countries have been interconnected and searchable since June 2017 (e-Justice portal).
A register check can cover four points:
- Legal form, status and registered office, matched to the name on the listing.
- The latest filed accounts and the auditor's name, if an opinion is attached.
- Which entity audited what: a platform's audit covers the platform, a group audit covers the group.
- The originator's role: Mintos names a lending company, PeerBerry an originator, Debitum a partner.
PeerBerry says its originator evaluation covers the financial situation, the quality of the loan portfolio and applied internal processes (PeerBerry help, undated). Mintos publishes a Risk Score with four subscores, including loan portfolio performance and buyback strength (Mintos risk page). Maclear states that Grant Thornton AG audits its statements, including the Provision Fund (FAQ, 10.09.2026).
Mintos 2022 and Estateguru 2025 platform-published loss and default figures
Every platform statistic carries a definition that sets what the figure means. Both series below are platform-published data, so neither is an audited investor return.
- Mintos, all loans, 2022: gross return 7.1%, net return -1.2%, annual net loss -8.2%. Loans are weighted by outstanding investment, and no bonuses or fees are included (Mintos historical performance, read 3 October 2026).
- Default rate 2025 at Estateguru: 20.14%. Estateguru defines it as loans that defaulted during the year divided by non-defaulted loans on 1 January. The count excludes loans with no payments scheduled in the 12-month observation period. It counts loans, so it measures default frequency and carries no loss amount.
- Across all recovered Estateguru loans, the average return is 5.14%, with 10.3 months from default to recovery (Estateguru statistics, read 3 October 2026).
- Collateral held by Estateguru exceeds EUR 400 million on the same page, and almost 98% of it is backed by first-rank mortgages. The page counters change from day to day.
Retiro, Manjoya and Vivaldi II: three Urbanitae debt pages of 2026
Urbanitae's blog pages state the same fields for each debt offer, so the values show how much the terms differ.
| Field | Retiro, Madrid (8 May 2026) | Manjoya, Oviedo (2 June 2026) | Vivaldi II, Marbella (17 July 2026) |
|---|---|---|---|
| Amount | EUR 1,370,000 | EUR 2,555,000 | Tranche B EUR 1,310,000 of up to EUR 9,990,000 in three tranches |
| Rate | 9.5% simple annual | 12.0% simple annual | 10.25% simple annual, total return 13.67% |
| Term and extensions | 12 months, one 6-month extension | 12 months, 6-month extensions at months 12 and 18 | 16 months, 6-month extensions at months 16 and 22 |
| Minimum return | 5 months of interest | 9 months of interest | 3 months of interest |
| Minimum return as % of principal (arithmetic) | 3.96% | 9.00% | 2.56% |
| Repayment | Bullet, at maturity | Bullet, partial amortisations expected from plot sales | Principal and interest at maturity |
| Mortgage liability | 130% | 150% of principal | 130% of loan principal |
| Stated ratios | Gross LTC 56%, LTV 60% on current appraisal, LTGDV 46% on a EUR 2,800,000 target price | Gross LTV 19.9% on a EUR 33,315,428 appraisal; purchase price EUR 7.5 million | LTV below 44% on EUR 22.24 million (June 2026), about 40% on a EUR 25 million target price |
| Sales mandate floor | Discount of up to 20% on appraised value | 50% of appraisal value on default | 80% of latest valuation |
| Stated exit | Sale after refurbishment, expected May 2027 | Sale of plots; plot 14 pre-sale at EUR 4.875 million | Sale of the villa |
The Vivaldi II total return matches simple interest over the term: 10.25% x 16/12 = 13.67%. A reader can divide each loan figure by its stated denominator. EUR 1,370,000 / EUR 2,800,000 gives 48.9% against the stated LTGDV of 46%. EUR 9,990,000 / EUR 22.24 million gives 44.9% against "below 44%".
On Manjoya, 19.9% of EUR 33,315,428 is EUR 6.63 million, while the page lists EUR 2,555,000. None of the three pages lists a debt base for these ratios, so the platform is the source for which loans each numerator covers. Offer sheets, mortgage documents and drawn amounts would show which numerator applies, and the blog pages contain none of them.
Estateguru bridge loan 2194: default in January 2021, repayment in January 2022
Estateguru's update of 18 January 2022 states the outcome of loan #2194, a bridge loan in Estonia (project update). The loan "was funded in July 2019 and moved to default status in January 2021" and "was repaid in January 2022".
The update lists funds from the sales of EUR 449,000. Deductions are enforcement costs of EUR 5,848.79 and an Estateguru fee of EUR 18,500. Administration fees were EUR 710 and the security agent fee EUR 360. Funds to investors were EUR 423,581.21, and the return is stated as 5.87%. Together the deductions come to EUR 25,418.79, or 5.66% of the sale proceeds (arithmetic).
According to the same update, part of the interest income, bonus, compensation and default interest remain as claims. Estateguru "will continue to collect the missing amount through a personal suretyship".
Buyback obligations, provision fund and sales mandate across platforms
Each protective promise has a named promisor, a trigger and a stated limit, which the table separates.
| Platform | Promisor and trigger | Stated limit |
|---|---|---|
| Mintos | The lending company must buy back a loan with a buyback obligation once it is 60 days late (statuses, 19 November 2024) | The risk page names lending company default as a risk to the buyback (risk page) |
| PeerBerry | Originators buy back claims delayed by more than 60 days, in full with accrued interest | The page says the buyback and group guarantee may be affected by force majeure (help) |
| Debitum | The partner that issued a late loan in recovery has the option to buy it back at remaining principal plus earned interest | An option, as the page words it (help, 4 December 2025) |
| Maclear | The Provision Fund, filled with 2% of each funded project (clause 3.9), covers outstanding interest after a delay of more than 3 days | The FAQ calls it "not an insurance product" and the terms say it "cannot guarantee full payment of interest or full repayment of the principal" |
Tranches, co-lenders and exit routes inside one project
A project can have several lenders and several tranches against the same collateral. Vivaldi II states that Tranche A raised EUR 2,340,000 from Urbanitae investors and EUR 5,000,000 from external co-investors.
Sponsor money has its own field. For example, Retiro lists a EUR 180,000 deposit paid and EUR 620,000 at closing. Manjoya lists a EUR 453,750 deposit and at least EUR 3 million of equity at signing. Vivaldi II states about EUR 3.7 million invested by the developer.
Exit terms differ by page. Retiro allows full early repayment "subject to the minimum return", and all three pages state repayment from a property sale. On Vivaldi II, the second extension raises the rate by 100 basis points to 11.25%.
For auto-invest, idle cash and secondary-market exits, see how P2P lending works after the deposit. The risk guide and the platform checks cover the surrounding questions, and the taxation guide covers tax.
P2P loan analysis FAQ
Does every P2P loan come with a key investment information sheet?
No. The sheet comes from Article 23 of Regulation (EU) 2020/1503, which covers offers through authorised crowdfunding service providers. Consumer borrowers and offers above EUR 5,000,000 over 12 months fall outside. Mintos is an investment firm licensed by Latvijas Banka, and its licensing page says no Mintos Group company holds a crowdfunding licence.
How long is the reflection period for a crowdfunding offer?
Four calendar days from the offer to invest, under Article 22(3). Non-sophisticated investors can revoke in that time without giving a reason.
Where does an investor find the borrower's financial statements?
Annex I Part A requires a hyperlink to the latest financial statements if available, plus annual figures for three years. Without a sheet, the national business register is the public source.
What does LTV mean on an Estateguru or Urbanitae page?
LTV compares the loan with the value of the assets securing it, as the Estateguru guide defines it. Urbanitae pages name the denominator, for example a June 2026 valuation or a target sale price.
Who pays when a PeerBerry loan is more than 60 days late?
The loan originator owes the buyback, in full with accrued interest. The PeerBerry help page adds that force majeure may affect the guarantee.