Before Maclear lists a borrower on the platform, the project is graded on a 10-step scale from AAA to D, using a 3-stage verification process that rejects up to 90% of applications. In this article, we explain how the scoring works and which projects can access P2P crowdlending through Maclear AG.
How Maclear Underwrites SME Borrowers
- Three-stage verification before a project can be listed
- Due-diligence questionnaire consisting of around 40 questions
- Up to 90% of applications rejected
- Ten-grade scoring scale (from AAA to D), live since April 2025
- Only one default across more than 2,100 funded projects
How Maclear verifies a borrower before listing a project
Every borrower on Maclear goes through the same three-stage check before it can be listed for funding, as described in our own FAQ.
| Stage | Checked metrics |
|---|---|
| 1. Documentation review | Statutory documents, beneficial owner certificates, credit bureau extracts, etc. — all that can confirm the company's legal standing, ownership structure, and registration history |
| 2. AML and background checks | Both the borrowing company and its management team go through Anti-Money Laundering and KYB screening, including checks against international watchlists and verification of the source of funds |
| 3. Due-diligence questionnaire and financial analysis | The borrower completes a questionnaire of around 40 questions covering its business history, management experience, and track record; our financial team separately reviews balance sheets, profit and loss statements, debt-to-equity ratios, business plans, and collateral arrangements |
There's no fixed timeline for this process: our team works as long as it takes to complete every check thoroughly, from an initial application to a listed, fundable project. "Maclear due diligence" and "Maclear borrower verification" are two names you can find in various publications that refer to this underlying three-stage sequence.
Maclear's AAA–D credit rating scale
Every SME borrower that completes due diligence is assigned a credit rating on a ten-grade scale from AAA to D. While it is similar to the letter-grade convention used by S&P Global, Moody's, and Fitch Ratings, Maclear's actual scoring methodology is our own and not equivalent to any of those three agencies. We've used this scale since 7 April 2025, replacing an earlier points-based system (scored out of 2,600 and converted to a 1–10 grade, with a minimum of 6 required for onboarding).
| Grade | Meaning |
|---|---|
| AAA | Exceptional. Extremely strong financial position, excellent management, operating in a stable or growing industry. Minimal default risk. |
| AA | Very strong. Strong financial position, good management, a stable industry. Very low default risk. |
| A | Strong. Solid financial position, competent management, a reasonably stable industry. Low default risk. |
| BBB | Adequate. Acceptable financial position and management; a moderately stable industry. Moderate risk, still investment-grade. |
| BB | Speculative. Weaker financial position, some management concerns, a challenging industry. Potentially elevated risk. |
| B | High risk. Significant financial weaknesses, poor management, a declining or volatile industry. High default risk. |
| CCC | Substantial risk. Severe financial stress, ineffective management, an industry in crisis. |
| CC | Very high risk. Critical financial distress, failing management, a collapsing industry. |
| C | Imminent default. On the verge of collapse, with no viable path to recovery. |
| D | Default. Failed to meet its financial obligations; operations have halted. |
Obviously, projects rated D or C never reach the platform — they're rejected during due diligence. As of September 2026, Maclear had mostly A and BBB projects listed, which suggests how strictly projects are screened before they're funded.
The three rating dimensions and the separate 1–10 credit history score
The 1–10 score some investors see on their dashboard is not a numeric version of the AAA–D grade. It's the separate Credit History Score, which tracks a borrower's own repayment behavior on Maclear.
Note that our FAQ and standalone scoring page refer to the three dimensions of the AAA–D rating itself using one set of terms, while our Telegram and LinkedIn posts on the topic use a second, plainer set of terms.
| Dimension | Also called | Metric measured |
|---|---|---|
| Financial Risk | Borrower's financial health | Total Liabilities/Tangible Net Worth (TNW), Funded Debt/EBIT, Debt/Equity |
| Qualitative Risk | Qualitative assessment | Business, management, and industry factor scores |
| Coverage & Liquidity Risk | Debt service capacity | Debt Service Coverage Ratio (DSCR), EBIT/Interest, Current Ratio |
These three dimensions feed into the overall rating through what we describe as a weighted aggregation approach. Contrary to what some third-party articles claim, Maclear AG has never published a specific weighting or percentage split across the three: the scoring model combines them, but the exact formula behind that combination stays internal to our credit team.
We update a borrower's rating quarterly, based on ongoing monitoring of financial performance, business developments, management changes, and broader economic conditions. Material changes (such as a change in ownership or a sharp swing in the borrower's industry) can also trigger an immediate, out-of-cycle adjustment of the score.
Why up to 90% of SME applications get rejected by Maclear
Up to 90% of the applications Maclear receives from businesses that want access to P2P crowdfunding don't make it to our investor portal, as we've reported in our own growth updates. Note that 90% is a ceiling: some months we clear more projects, some months fewer.
Here are two examples from 2026 that show why a project can get rejected:
- A Greek automotive-parts manufacturer applied for financing in mid-2026 and was turned down over insufficient collateral. The assets the firm offered didn't cover the requested loan amount at a level required by our underwriting policy.
- A Bulgarian light-industry company got rejected for two reasons: (1) a debt-to-revenue ratio of 0.85, which is too risky according to our financial risk dimension; (2) an ownership change that the company hadn't fully disclosed in its application.
How Maclear evaluates collateral and calculates LTV
Most of the P2P loans on the Maclear platform are backed by real assets as collateral. Our FAQ describes the valuation process as "review of asset documentation, independent valuation where applicable, and analysis of market conditions relevant to the asset type."
The collateral we accept includes real estate, business equipment, receivables, and personal guarantees from company owners — this means the owner's own, non-corporate assets pledged alongside the assets belonging to the company, carrying personal liability for the loan within the limits of the value of those personal assets in case the business itself can't repay. We can also require additional security depending on loan size and borrower profile. Note that a valuation method that fits real estate won't always be the same one applied to, say, receivables.
LTV, or loan-to-value, is the loan amount divided by the collateral's assessed value. As we describe in a separate blog post on Maclear loan backing, Maclear typically requires a liquidation value (the conservative, quick-sale figure used for lending purposes, after accounting for legal costs and time constraints) of around 75% to 85% of the collateral's base market value.
The difference between base value and liquidation value is like a discount built into the valuation itself, and it reflects how conservatively Maclear values collateral in the first place. If the LTV and collateral value shift significantly after the loan is listed on Maclear, we will see it during quarterly monitoring and take action if needed.
Four examples of funded projects: ACIT, TOP EQUIPMENT, Servis Logistic and Outsourcing, and BAUMONT BOHEMIA
Maclear's investor portal discloses much more than a project's grade. The four real, named examples span four grades on our risk scale, each with its own exact credit history score, debt-to-equity ratio, loan-to-value figure, and interest rate.
| Project | Country | Business | Grade | Credit history score | Debt-to-equity | LTV | Rate | Funded |
|---|---|---|---|---|---|---|---|---|
| ACIT | Latvia | Asphalt, concrete, and bitumen production for construction and road projects | AA | 10/10 | 0.9 | 90% | 14.6% | 9 June 2025 |
| TOP EQUIPMENT LTD | Bulgaria | Turnkey solar-energy systems — audits, photovoltaic and storage-system design, procurement, installation, and commissioning | A | 8/10 | 1.66 | 74% | 14.5% | 1 June 2025 |
| Servis Logistic and Outsourcing s.r.o. | Czech Republic | Turnkey intralogistics-equipment integration — engineering, procurement, installation, and commissioning of conveying and material-handling lines for customers in Czechia, Germany, and Poland | BBB | 8/10 | 1.97 | 84.97% | 14.5% | 12 August 2026 |
| BAUMONT BOHEMIA | Czech Republic | Construction and industrial staffing across the Czech Republic, Germany, and Austria | BB | 8/10 | 4.47 | 120% | 14.6% | 12 August 2026 |
A key point to understand is that a BB rating doesn't mean a project is weak. Our scoring system may describe BB as "speculative" and even "elevated risk," yet BAUMONT BOHEMIA carries a credit history score of 8 out of 10 and the same 14.6% rate as AA-rated ACIT. Its rating combines all three dimensions described above, and a single ratio taken on its own can't substitute for that fuller picture.
Debt-to-equity varies across these four projects — from 0.9 for ACIT to 4.47 for BAUMONT BOHEMIA.
The spread reflects diverse industry norms as much as any project's individual risk. Asphalt production and industrial staffing businesses by nature have very different balance-sheet structures, while Servis Logistic and Outsourcing (1.97) and TOP EQUIPMENT (1.66) fall in between despite operating in different countries and industries. Maclear's three-dimensional model exists partly because a single metric read in isolation can make two perfectly ordinary businesses look artificially far apart.
An LTV above 100% means the loan's collateral, valued at Maclear's conservative liquidation figure, doesn't fully cover the loan's outstanding principal. BAUMONT BOHEMIA with its 120% LTV is the only one of our four examples where this happens; indeed, for Maclear this is not a common pattern.
If you review the projects listed on our investor portal, you will see that most carry an LTV at or below 100% – just like ACIT, TOP EQUIPMENT, and Servis Logistic and Outsourcing do in our examples. Even when a loan does carry LTV above 100% at listing, it still goes through the same three-dimension scoring as every other project. So, for example, BAUMONT’s 8/10 credit history score and 14.6% rate, identical to that of AA-rated ACIT, show that Maclear weighted the collateral shortfall against the rest of the borrower's profile.
You can register in the Maclear investor portal yourself to check the range of real businesses that Maclear helps fund, their real investment scores, and information about their collateral and market context.
One default across more than 2,100 funded projects
As of our most recent investor update, Maclear investors have funded more than €144 million across the platform — more than 2,100 individual projects to date, per our own investor updates. Across that history, we've recorded only one default: the Vibroedil loan, covered in full in a separate article. Only one default (successfully resolved) across more than 2,100 projects shows that Maclear's underwriting and scoring process is working.
Frequently asked questions
What is Maclear's AAA–D credit rating scale?
Maclear uses a ten-grade scale (from AAA through D), which is assigned to every borrower after due diligence and based on three underlying dimensions: financial risk, qualitative risk, and coverage and liquidity risk. Most of the projects listed on Maclear range from AA to BB.
Is Maclear's 1–10 scale the same as its credit rating?
No, the 1–10 ranking that you can sometimes see in the Investor Portal is the Credit History Score. It tracks a borrower's repayment record on Maclear and is separate from the AAA–D scoring system.
How many questions are in Maclear's due-diligence questionnaire?
Potential borrowers answer approximately 40 questions covering their business history, management experience, and track record. This questionnaire is just one part of a three-stage verification process.
What percentage of loan applications does Maclear reject?
Up to 90%, though the exact figure varies with application volume and quality in a given period rather than holding a fixed average.
How does Maclear value collateral?
Through document review and, where applicable, independent valuation — with typical lending set at 75% to 85% of the collateral's conservative liquidation value rather than its full market value.
Does Maclear ever fund a project with LTV above 100%?
Rarely, but when it happens, it means that the project has enough strengths to compensate, such as a great credit history score and an attractive ROI. Cases like it are rare on the platform, however; most listed projects on Maclear have less than 100% LTV.
About Maclear
Maclear AG is a Swiss peer-to-peer (P2P) lending and crowdlending platform, headquartered in Switzerland. The company acts as a financial intermediary in the non-banking sector and is a member of PolyReg SRO, in accordance with Swiss financial regulations, particularly regarding AML, KYC, and GDPR. Maclear provides individual and qualified investors access to carefully selected business loan opportunities, with integrated 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. Peer-to-peer (P2P) lending and crowdlending investments carry a risk of partial or total loss of capital. Past performance does not predict future results. Liquidity on a secondary market is not guaranteed. Readers are encouraged to conduct their own research and consult qualified advisors before making any financial decisions. The availability of products and services may be restricted in certain jurisdictions.