This Maclear case study follows a Czech IT infrastructure and cybersecurity integrator that raised a €700,000 facility, drawn in five tranches, to finance contract-linked equipment procurement. The loan carried a 14.8% annual interest rate over 12-month tranches, an internal risk score of BBB, and was secured by company assets and equipment valued above the loan amount. Returns are not guaranteed.
This deal is one of several profiled across Maclear’s funded projects. The case study focuses on the Czech IT-infrastructure SME that does IT and cybersecurity business with the headquarters in the Czech Republic. The enterprise functions like a software integration partner instead of being a traditional reseller of hardware solutions. Full-cycle development, including the delivery of a complete IT infrastructure for every business, is the unique feature. The SME has projects that combine interface design, coordination of the procurement, and dealing with subcontractors.
The Czech IT-infrastructure SME’s operations span across multiple industries, including assistance in building resilient IT infrastructure for the businesses in logistics, healthcare, wholesale foods, energy, and water utilities. Due to the constantly changing framework and much reliance on digitized data, all of these sectors show a recurring demand for IT solutions. That is why the borrower is assisting the businesses due to the expanding regulations under the NIS2 framework of the European Union, helping businesses win on the market with up-to-date IT solutions.
The Czech IT-infrastructure SME is doing well in terms of revenue, as the total revenue increased from €143,000 to €216,000 in just a year, reaching the latter milestone in 2023. Then, as large-scale products also became available to lead, a more rapid growth was demonstrated, the revenue reaching €1.56 million in 2025. Based on the estimations given by the managerial board. This trend will likely continue through 2026.
The enterprise’s main focus is IT infrastructure for businesses, including the design of OT/ICS security, backup and recovery systems, and the architecture of a zero-trust network. Alongside that, the borrower also works with the modernization of the data centers. The Czech IT-infrastructure SME earns money by delivering a complete IT architecture to the client, making it possible to modernize the business processes in a single integrated attempt.
The companies that build and support infrastructure often require a more capital-intensive approach due to the gap in the cash flow connected to the high price of the equipment and delayed revenues that only come when the projects are completed and the infrastructure for the client is set up. Therefore, the Czech IT-infrastructure SME needed the loan to secure that their systems, servers, and equipment were enough to set up the storage systems and cybersecurity appliances and to scale the business to the other clients and sectors.
It was therefore decided that €700,000 of working capital is necessary to cover the operational funding gap that existed due to the intensive investment in the facility. As a result, Maclear proposed a design of the loan that would consist of 5 tranches of equal value, each installment amounting to €150,000. Besides, it would solve the existing problem by providing finances for the equipment procurement for the clients who were working with the borrower at the time.
As the debt was approved, the management could also continue the expansion of business without accepting the trade-off of diluting ownership or creating new equity. When the current contracts with the clients are finished and the payments are received, the working-capital cycle will be successfully closed, and the borrower will be able to repay the claim when it reaches maturity.
Before listing the project on the market, due diligence was performed by Maclear to assess the borrower’s credibility. The process included the risk assessment, considering the factors like operational execution, managerial efficiency, and industry-related risks like legal compliance and data protection. Besides, the ownership structure and the history of its business operation were also included in the due diligence. The analysis included the review of prior financial statements as well as potential revenue and profitability trends given the current financial situation.
Overall, all these steps were taken prior to providing the loan to understand whether the borrower would be able to repay the debt. Therefore, the assessment of the current contracts was substantial to determine how the future repayments would be made. On top of that, the analysts of Maclear also considered the collateral against the loan. Since the Czech IT-infrastructure SME works in the field of IT infrastructure and provides engineering and maintenance solutions, the operational assets and specialized equipment were among the options for the collateral. Maclear also considered the Loan-to-Value (LTV) ratio to determine whether to set a more conservative LTV for better loan backup with the collateral.
After the review of every aspect mentioned above, Maclear attributed the internal credit risk score to the Czech IT-infrastructure SME. In this case, the borrower received a BBB credit risk assessment.
Maclear evaluated the borrower against the set of criteria, including the assessment of the collateral with the LTV calculation and the scoring of financial performance based on the current revenue and the historical performance of the enterprise. Besides, repayment history and debt metrics alongside the assessment of the management and company’s infrastructure were carried out. As a result, the Czech IT-infrastructure SME was concluded to have solid fundamentals of management in its underlying structure and an acceptable risk profile, which gave it the internal risk score of BBB.
Every loan in Maclear is secured by pledging collateral against the loan and calculating the LTV for the specific case. Despite the fact that collateral does not eliminate the risk of the borrower’s default, it helps to mitigate it by providing an additional layer of protection by ensuring that a tangible asset is put against the loan. This way, the asset used as the collateral may be legally liquidated according to the proceedings in case the borrower is incapable of repaying the debt, increasing the chances of repayment of the debt to the investor.
The IT company asked for the loan of €700,000, and it was necessary to use the collateral to provide security for the loan. In this case, the base value of the assets pledged as collateral amounted to €903,400. Considering the fact that the assets may not achieve their full market price in case of a forced sale, Maclear also calculated the approximate liquidation value of the collateral, resulting in the value of €715,800 for the collateral portfolio. Then, Maclear used this value to calculate the LTV and attribute a BBB internal risk score to the enterprise.
The collateral that secures the loan can combine several forms of the tangible assets, including commercial vehicles, business equipment, and real estate objects. The forms of the collateral used in the portfolio vary on a case-by-case basis, as the collateral portfolio diversification require prior individual assessment of the loan structure and the potential of repayment.
| Item | Details |
|---|---|
| Sector | IT Infrastructure |
| Country | Czech Republic |
| Purpose | Contract-linked equipment procurement and working capital |
| Loan amount | €700,000 |
| Tranches | 5 installments of €150,000 each |
| Annual interest rate | Around 14.8% |
| Term | 12 months for each installment until maturity |
| Risk score | BBB |
| Collateral | Registered operational assets of with a base value of €903,400 and the liquidation value of €715,800 |
| LTV | Around 98% |
| Interest payments | Fixed, paid monthly |
| Principal repayment | Bullet repayment when each tranche reaches maturity |
In this particular case, Maclear agreed that the loan will be provided in 5 equal installments, with the overall amount of the loan being €700.000 and each installment being €150.000. Each tranche carried the period of maturity equal to 12 months and was provided to the borrower with the interest rate amounting to 14.8%. The Czech IT-infrastructure SME agreed to pay monthly interest on the loan while also agreeing that the repayment of the principal will be done at the end of each tranche’s period of maturity in one bullet payment. This structure provided both the protection to the investor, given that the borrower simultaneously took the obligation to pay the interest in regular transfers, and also gave flexibility to draw capital step-by-step to avoid a financial gap and trouble.
The returns on investment are measured as annualized returns on investment, or AROI. The AROI indicator is a standardized metric used to bring the different loans with different terms of maturity and interest rates to an average value on returns being paid to the investor. The AROI only represents expected returns on investment and does not equal a guarantee of the loan repayment or the exact amount that the investor will receive as interest payments.
Investment risks related to single-borrower concentration, sector and country-specific risk, and execution risk still exist. Provision Fund and the collateral do not guarantee returns.
The loan is repaid by paying monthly interest while repaying the principal in one installment upon the claim’s maturity. In case the borrower runs into temporary repayment difficulties, the investor continues to receive interest payments for the first 30 days through the Provision Fund. Then, after 30 days, soft debt collection starts. In case the payment is delayed by the time 60 days have passed; Maclear can start legal proceedings regarding the liquidation of the collateral to try and repay the debt to the investor.
It is necessary to understand how Maclear calculates the expected returns. Hypothetically, an investor has purchased a €100 claim that has a period of 6 months until it reaches maturity. The expected interest payment alongside 6 months would amount to €7.40. Then, using the formula for AROI, that is, AROI = (Expected earnings / Remaining period) × (365 / Principal purchased), it is possible to calculate that the annualized return would equal 14.8 percent.
Illustrative. Individual deals do not guarantee future performance; returns depend on borrower performance.
The borrower is the Czech IT-infrastructure SME that does IT and cybersecurity business headquartered in the Czech Republic. The enterprise functions like a software integration partner instead of being a traditional reseller of hardware solutions.
Maclear carried out prior due diligence, assessing the financial situation, management, and repayment possibility alongside the history of business activity. Besides, the evaluation of the collateral as well as the calculation of the LTV for the particular loan was carried out as part of the underwriting process. As a result, the Czech IT-infrastructure SME received an internal credit risk score of BBB.
Every loan in Maclear is secured by pledging collateral against the loan and calculating the LTV for the specific case. Despite the fact that collateral does not eliminate the risk of the borrower’s default, it helps to mitigate it by providing an additional layer of protection by ensuring that a tangible asset is put against the loan.
The investors are repaid interest in fixed monthly payments while the principal is paid in one installment when the claim reaches maturity. In this case the Czech IT-infrastructure SME paid monthly interest and paid the principal for each tranche of the loan in one lump payment.
The risks related to the loan provided to the enterprises are borrower default risks that cannot be eliminated by the use of collateral. Besides, other risks include macroeconomic risks as well as liquidity risks since the investor cannot usually exit a P2P claim before maturity and can only try to sell it to another investor on the Secondary Market with a seller’s fee of 2.5% and the potential discount.
Maclear AG is a Swiss-based P2P lending and crowdlending platform headquartered in Switzerland. The company operates as a financial intermediary in the non-banking sector and is a member of PolyReg SRO, in compliance with Swiss financial regulations including AML, KYC, and GDPR. Maclear offers retail and qualified investors access to vetted business loan opportunities, with built-in risk assessment, a Provision Fund, and a Secondary Market for liquidity.
The content of this article is provided for informational and educational purposes only. It does not constitute investment, financial, tax, or legal advice. P2P lending and crowdlending investments carry a risk of partial or total capital loss. Past performance is not indicative of future results. Liquidity on a secondary market is not guaranteed. Readers should conduct independent research and consult qualified advisors before making any financial decisions. Availability of products and services may be restricted in certain jurisdictions.
