--- title: Middle-market risk and returns description: Most investors are familiar with thinking of risk and reward as a sort of balancing act – the more risk you accept, the more potential reward. image: https://www.shojin.co.uk/hubfs/Blog/Middle%20market%20risks%20and%20returns/Middle-market-risks-and-returns.jpg --- Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more. Risk information **Risk summary for investments in speculative illiquid securities which are arranged by a firm by way of an online platform.**   **Estimated reading time: 2 min**   Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be very complex and high risk.   **What are the key risks?**   1. **You could lose all the money you invest** - By investing into a real estate project through Shojin you will be investing in a Bond instrument issued by Special Purpose Vehicles (SPV’s) which provide a funding facility for the purpose of real estate development. If the project fails, Investors can lose some or all of the money they invested. - Advertised rates of return aren’t guaranteed. This is not a savings account. If the project doesn’t pay the SPV back as agreed, you could earn less money than expected or nothing at all. A higher advertised rate of return means a higher project risk with an increased probability of losing your money. - Due Diligence and project oversight is carried out by the platform on each Shojin project that you are investing into to assess how well they are expected to perform. However, you should always also do your own research before investing. - These investments are sometimes held in an Innovative Finance ISA (IFISA). While any potential gains from your investment will be tax free, you can still lose all your money. An IFISA does not reduce the risk of the investment or protect you from losses. 2. **You are unlikely to be protected if something goes wrong** - Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. [Try the FSCS investment protection checker here.](https://www.fscs.org.uk/check/investment-protection-checker) - Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. [Learn more about FOS protection here.](https://www.financial-ombudsman.org.uk/consumers) 3. **You are unlikely to get your money back quickly** - This type of property investment could face delays that can delay payments. These investments could also fail altogether and be unable to repay investors their money. - You have the opportunity to sell your investment early through the secondary market but there is no guarantee you will be able to find someone willing to buy. 4. **This is a complex investment** - This investment has a complex structure to ensure the interest of investors is protected. Investments are made into each designated project SPV and are ringfenced from other project SPV's to ensure full transparency of each investment made. - You may wish to get financial advice to understand how the structure works before deciding to invest. 5. **Don’t put all your eggs in one basket** - Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well. - [A good rule of thumb is not to invest more than 10% of your money in high-risk investments.](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest) [If you are interested in learning more about how to protect yourself, visit the FCA’s website here.](https://www.fca.org.uk/investsmart) [For further information about minibonds, visit the FCA’s website here](https://www.fca.org.uk/consumers/mini-bonds). 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We share opportunities for global investors to gain exceptional returns. [Why us ![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light-white.svg)![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light.svg)](https://www.shojin.co.uk/invest/why-us) [Overview ![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light.svg)![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light-white.svg)](https://www.shojin.co.uk/invest) How to invest [![chart-line-light](https://www.shojin.co.uk/hubfs/shojin/icons/chart-line-light.svg) ![chart-line-hover](https://www.shojin.co.uk/hubfs/shojin/icons/chart-line-hover.svg) Products Explore ways to earn interest on capital or income on capital growth](https://www.shojin.co.uk/invest/products) [![chart-bar-light](https://www.shojin.co.uk/hubfs/shojin/icons/chart-bar-light.svg) ![chart-bar-hover](https://www.shojin.co.uk/hubfs/shojin/icons/chart-bar-hover.svg) IFISA Invest in a tax efficient way with our Innovative Finance ISA](https://www.shojin.co.uk/invest/products/ifisa) [![circles-three-light](https://www.shojin.co.uk/hubfs/shojin/icons/circles-three-light.svg) ![circle-three-hover](https://www.shojin.co.uk/hubfs/shojin/icons/circle-three-hover.svg) Pensions Take control of you pension by using SIPP & SSAS products](https://www.shojin.co.uk/invest/products/pensions) Who is Shojin for [![user-list-light](https://www.shojin.co.uk/hubfs/shojin/icons/user-list-light.svg) ![user-list-hover](https://www.shojin.co.uk/hubfs/shojin/icons/user-list-hover.svg) Individuals We make real estate investing more accessible for individual investors](https://www.shojin.co.uk/invest/who-is-shojin-for/individuals) [![chalkboard-teacher-light](https://www.shojin.co.uk/hubfs/shojin/icons/chalkboard-teacher-light.svg) ![chalkbord-teacher-hover](https://www.shojin.co.uk/hubfs/shojin/icons/chalkbord-teacher-hover.svg) Family offices Investment opportunities for SFOs, MFOs and HNWs](https://www.shojin.co.uk/invest/who-is-shojin-for/family-offices) [![presentation-chart-light](https://www.shojin.co.uk/hubfs/shojin/icons/presentation-chart-light.svg) ![presentation-chart-hover](https://www.shojin.co.uk/hubfs/shojin/icons/presentation-chart-hover.svg) Wealth managers We work with finance professionals and intermediaries to share opportunities](https://www.shojin.co.uk/invest/who-is-shojin-for/wealth-managers) Fund your next project We support borrowers at every step of the journey, from acquisition through to development and exit. [Why us ![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light.svg)![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light-white.svg)](https://www.shojin.co.uk/borrow/why-us) [Overview ![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light-white.svg)![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light.svg)](https://www.shojin.co.uk/borrow) Products [![git-fork-light](https://www.shojin.co.uk/hubfs/shojin/icons/git-fork-light.svg) ![git-fork-light-1](https://www.shojin.co.uk/hubfs/shojin/icons/git-fork-light-1.svg) Whole loan We provide a combination of senior and junior debt to allow developers to take on larger schemes](https://www.shojin.co.uk/borrow/products/whole-loan) [![house-line-light](https://www.shojin.co.uk/hubfs/shojin/icons/house-line-light.svg) ![house-line-hover](https://www.shojin.co.uk/hubfs/shojin/icons/house-line-hover.svg) Mezzanine Top up funding that allows you to minimise your contribution, enhancing your return on capital whilst maintaining full control.](https://www.shojin.co.uk/borrow/products/mezzanine) [![door-light](https://www.shojin.co.uk/hubfs/shojin/icons/door-light.svg) ![door-hover](https://www.shojin.co.uk/hubfs/shojin/icons/door-hover.svg) Bridge Short-term senior and junior debt for land acquisition, refinancing, and conversions.](https://www.shojin.co.uk/products/bridge) [![door-light](https://www.shojin.co.uk/hubfs/shojin/icons/door-light.svg) ![door-hover](https://www.shojin.co.uk/hubfs/shojin/icons/door-hover.svg) Stabilisation and finish & exit Investment finance for completed or near-complete schemes that need time to optimise value before permanent refinancing or sale.](https://www.shojin.co.uk/stabilisation-finish-exit) How to borrow [![tree-structure-light](https://www.shojin.co.uk/hubfs/shojin/icons/tree-structure-light.svg) ![tree-structure-hover](https://www.shojin.co.uk/hubfs/shojin/icons/tree-structure-hover.svg) How it works Our process focuses on delivering an exceptional outcome for all parties.](https://www.shojin.co.uk/borrow/how-it-works) [![laptop-light](https://www.shojin.co.uk/hubfs/shojin/icons/laptop-light.svg) ![laptop-hover](https://www.shojin.co.uk/hubfs/shojin/icons/laptop-hover.svg) Apply Submit your application or request a call back](https://www.shojin.co.uk/borrow/how-it-works#APPLY) Elevate your investing Browse our blog for news, features, market update and special reports to build your real estate investing knowledge. [All insights ![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light-white.svg)![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light.svg)](https://www.shojin.co.uk/insights) Insights [![trophy-light](https://www.shojin.co.uk/hubfs/shojin/icons/trophy-light.svg) ![trophy-hover](https://www.shojin.co.uk/hubfs/shojin/icons/trophy-hover.svg) Masterclass Watch our webinars on demand](https://www.shojin.co.uk/insights/tag/masterclass) [![files-light](https://www.shojin.co.uk/hubfs/shojin/icons/files-light.svg) ![files-hover](https://www.shojin.co.uk/hubfs/shojin/icons/files-hover.svg) Special reports Read our reports and research](https://www.shojin.co.uk/insights/tag/special-reports) [![notification-light](https://www.shojin.co.uk/hubfs/shojin/icons/notification-light.svg) ![notification](https://www.shojin.co.uk/hubfs/shojin/icons/notification.svg) Market updates Expert insight and analysis](https://www.shojin.co.uk/insights/tag/market-updates) [![note-pencil-light](https://www.shojin.co.uk/hubfs/shojin/icons/note-pencil-light.svg) ![note-pencil-hover](https://www.shojin.co.uk/hubfs/shojin/icons/note-pencil-hover.svg) Blog Stay up-to-date with news and views](https://www.shojin.co.uk/insights/tag/blog) Resources [![question-light](https://www.shojin.co.uk/hubfs/shojin/icons/question-light.svg) ![question-hover](https://www.shojin.co.uk/hubfs/shojin/icons/question-hover.svg) FAQs](https://www.shojin.co.uk/faqs) [![list-dashes-light](https://www.shojin.co.uk/hubfs/shojin/icons/list-dashes-light.svg) ![list-dashes-hover](https://www.shojin.co.uk/hubfs/shojin/icons/list-dashes-hover.svg) Glossary Learn and understand some of the terms we use in materials such as investment memorandums.](https://www.shojin.co.uk/glossary) [![video\_library\_FILL0\_wght100\_GRAD0\_opsz24](https://www.shojin.co.uk/hubfs/ICONS/New%20Icons/video_library_FILL0_wght100_GRAD0_opsz24.svg) ![Artboard 1](https://www.shojin.co.uk/hubfs/ICONS/New%20Icons/Artboard%201.svg) Video explainers Watch our short video FAQs](https://www.shojin.co.uk/video-faqs) Our company Shojin is an FCA-regulated fractional investing platform enabling global investors to build their wealth from UK-based real estate investment opportunities. [Contact us ![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light-white.svg)![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light.svg)](https://www.shojin.co.uk/company/contact-us) Learn more [![globe-light](https://www.shojin.co.uk/hubfs/shojin/icons/globe-light.svg) ![globe-hover](https://www.shojin.co.uk/hubfs/shojin/icons/globe-hover.svg) About us Our mission, vision and purpose](https://www.shojin.co.uk/company/about-us) [![users-three-light](https://www.shojin.co.uk/hubfs/shojin/icons/users-three-light.svg) ![user-three-hover](https://www.shojin.co.uk/hubfs/shojin/icons/user-three-hover.svg) Team We're an experienced team of real estate and investment professionals](https://shojin.co.uk/company/about-us#TEAM)   [![list-checks-light](https://www.shojin.co.uk/hubfs/shojin/icons/list-checks-light.svg) ![list-checks](https://www.shojin.co.uk/hubfs/shojin/icons/list-checks.svg) Careers Take your career to the next level](https://www.shojin.co.uk/company/careers) [![git-fork-light](https://www.shojin.co.uk/hubfs/shojin/icons/git-fork-light.svg) ![git-fork-light-1](https://www.shojin.co.uk/hubfs/shojin/icons/git-fork-light-1.svg) Partnerships Partner with us to increase access to real estate investing](https://www.shojin.co.uk/company/partnerships) [Blog](https://www.shojin.co.uk/insights/tag/blog) 3 min read # Middle-market risk and returns ![](https://www.shojin.co.uk/hubfs/Blog/Middle%20market%20risks%20and%20returns/Middle-market-risks-and-returns.jpg) ![](https://www.shojin.co.uk/hubfs/Blog/Middle%20market%20risks%20and%20returns/Middle-market-risks-and-returns.jpg)   **Does low risk inevitably mean low reward?**   Most investors are familiar with thinking of risk and reward as a sort of balancing act – the more risk you accept, the more potential reward.   A currently appropriate illustration might be the recent deflation of the crypto bubble, or should I say the ‘latest’ deflation of the crypto bubble, since we have seen this story before and will doubtless see it again in due course.   Whilst it is generally accurate that risk and reward are correlated together in this manner, there are some situations where for clear, logical reasons it is possible to obtain a chance at a higher reward without accepting a large increase in risk.   For this to be the case, you have to be confident that you have identified and properly scrutinised an investment opportunity that has fallen below the majority of investors' radar.   A core belief of the team here at Shojin, and one we would argue our investment track record provides evidence for, is that mid-market developments can provide just such under-appreciated, and therefore highly profitable, opportunities.   **What is risk-free return?**   When investors refer to the ‘risk-free rate of return’, they are referring to the yield on 10-year US government debt.  Such Treasury notes are considered to be risk-free because the US government has as close to a zero chance of default as possible, and therefore the return you get for holding their debt is considered to come without any substantial risk.   As can be seen in the chart below sourced from the FT, this rate has for the past 5 years oscillated between a high of 3% and a low of just under 1%.  Right now yields are rising sharply due to fears of inflation and stagnant growth leading to a simultaneous sell-off of both stocks and bonds, but that’s a different story for another article. ![](https://www.shojin.co.uk/hubfs/Imported_Blog_Media/b2e6c4cd-93dd-4afc-b47d-121b758487e1.png "Image: https://cdn2.sharein.com/shojin/b2e6c4cd-93dd-4afc-b47d-121b758487e1.png") The purpose of presenting this data here is to show the sort of range of what is considered a risk-free return.  Whilst a return of up to 3% might not sound bad after a decade of ultra-low interest rates, when you factor in the impact of inflation eating away at the purchasing power of these future cash flows and the long duration of the debt, (i.e. the time you would have to wait before you got your principal back, unless you sold prior to maturity in the secondary market), these returns no longer look at all appetising.   In comparison to holding US or other developed economy government debt for vanishing small yields, real estate investment is noticeably riskier.  However, and this is the key point, real estate investment can certainly be argued to be less risky than equities, the predominant form of asset accumulation for retail investors by a large margin.   **Risk in real estate vs risk in the stock market**   Stocks can and do change in valuation very rapidly.  So far this year, the S&P500 index is already down around 20%, and investors are legitimately asking themselves how much of their hard-earned savings they are willing to place at the mercy of the major stock market indices.   Real estate investment is less risky and less volatile than equities for several compelling reasons.   1\. First and foremost, properties are real, tangible assets that have uses and people both need and are willing to pay for.  This might sound like it is stating the obvious, but the same emphatically cannot be said to be true for most other forms of investment assets.  This places real estate firmly towards the lower end of the risk spectrum, purely because there will never be a time when society doesn’t need housing, business premises, hotels or shopping centres.  There will, of course, be fluctuations in the desirability of this or that property, but the asset class itself deserves to be considered as fundamentally reliable.   2\. Secondly, real estate can be considered less risky than other assets because it yields an income with a high degree of regularity and certainty.  Furthermore, these income streams tend to rise with inflation, rather than having their value eroded away by it like the fixed income earned by bondholders.     3\. Lastly, as well as generating regular income, real estate also has huge potential to gain value over time, thus providing a second means by which owners can build wealth.   **Risk and return in the mid-market development sector**   To return to the overarching theme of the mid-market development opportunity, we believe here at Shojin that the currently underserved mid-market is one of the best places to take advantage of the low-risk nature of real estate.   Here the characteristics that have made property a stable, reliable, low-risk investment can be combined with the potential for market-beating returns precisely because this segment of the market is underserved and therefore less efficient than other investment markets.   Whilst most risks decline in this sub-sector because there is more scope for expertise and research to uncover ‘hidden gems’, one risk can become more acute.   That is the risk related to holding illiquid, and therefore hard to sell, investments.  Illiquid assets are unappealing to many investors because they can’t quickly or easily be turned into cash, and so the holder may have to sell at a discount or hold them for longer than anticipated.   One specific mitigation of this issue we have pioneered at Shojin was the recent launch of our secondary market.  Here investors can buy and sell pre-existing property investments with a growing community of enlightened investors from around the world.   The launch of our secondary market is just one of the ways we are striving to leverage technology to bring everything that is great about the real estate investment experience to our investors – the potential to buy, hold and sell assets with low risks but high rewards is the mission that motivates us to keep innovating in this market. [Written by Shojin](https://www.shojin.co.uk/insights/author/shojin) Published 06 July 2022 Back to top![](https://www.shojin.co.uk/hubfs/shojin/icons/backto-top.png) Subscribe to newsletter Subscribe to receive the latest Shojin insights and resources to your inbox every week. #### Share this post - [![](https://www.shojin.co.uk/hubfs/shojin/icons/share-linkedin.svg)](http://www.linkedin.com/shareArticle?mini=true&url=https://www.shojin.co.uk/insights/news/risk-and-opportunity-in-the-middle-market) - [![](https://www.shojin.co.uk/hubfs/shojin/icons/share-facebook.svg)](https://www.facebook.com/sharer/sharer.php?u=https://www.shojin.co.uk/insights/news/risk-and-opportunity-in-the-middle-market) - [![](https://www.shojin.co.uk/hubfs/shojin/icons/share-twitter.svg)](http://twitter.com/intent/tweet?text=https://www.shojin.co.uk/insights/news/risk-and-opportunity-in-the-middle-market) - [![](https://www.shojin.co.uk/hubfs/shojin/icons/share-email.svg)](mailto:?subject=https://www.shojin.co.uk/insights/news/risk-and-opportunity-in-the-middle-market&body=https://www.shojin.co.uk/insights/news/risk-and-opportunity-in-the-middle-market) More in this series ## Similar insights you might like [View all](https://www.shojin.co.uk/insights) [![](https://www.shojin.co.uk/hs-fs/hubfs/Blog/The%20middle%20market%20opportunity/The-middle-market-opportunity.jpg?width=352&name=The-middle-market-opportunity.jpg)](https://www.shojin.co.uk/insights/news/the-middle-market-development-opportunity) [Blog](https://www.shojin.co.uk/insights/tag/blog) ### [The middle-market opportunity](https://www.shojin.co.uk/insights/news/the-middle-market-development-opportunity) [![](https://www.shojin.co.uk/hs-fs/hubfs/Blog/Five%20things%20you%20need%20to%20know%20about%20fractional%20investing/Five-thing-you-need-to-know-abouit-fractional-investing.jpg?width=352&name=Five-thing-you-need-to-know-abouit-fractional-investing.jpg)](https://www.shojin.co.uk/insights/news/5-things-about-fractional-investing) [Blog](https://www.shojin.co.uk/insights/tag/blog) ### [Five things you need to know about fractional investing](https://www.shojin.co.uk/insights/news/5-things-about-fractional-investing) Exploring fractional investing and Shojin's unique co-investment approach. 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[![Shojin-joins-MIBP---mobile](https://www.shojin.co.uk/hs-fs/hubfs/Blog/Shojin%20joins%20MIBP/Shojin-joins-MIBP---mobile.jpg?width=352&name=Shojin-joins-MIBP---mobile.jpg)](https://www.shojin.co.uk/insights/news/shojin-invited-to-become-the-next-revolut) [Blog](https://www.shojin.co.uk/insights/tag/blog) ### [Shojin joins the Mayor's International Business Programme](https://www.shojin.co.uk/insights/news/shojin-invited-to-become-the-next-revolut) Shojin has been accepted onto the London & Partners Mayor’s International Business Programme. [![](https://www.shojin.co.uk/hs-fs/hubfs/Blog/The%20two%20main%20benefits%20of%20co-investing%20in%20real%20estate/The-two-main-benefits-of-co-investing-in-real-estate.jpg?width=352&name=The-two-main-benefits-of-co-investing-in-real-estate.jpg)](https://www.shojin.co.uk/insights/news/the-two-main-benefits-of-co-investing-in-real-esta) [Blog](https://www.shojin.co.uk/insights/tag/blog) ### [The two main benefits of co-investing in real estate](https://www.shojin.co.uk/insights/news/the-two-main-benefits-of-co-investing-in-real-esta) Co-investment and crowdfunding platforms have democratised the investment process. ## Take your investments to the next level. Sign up for access to our expertly selected investment opportunities. Build your diversified property portfolio today. [Sign up ![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light.svg)![](https://www.shojin.co.uk/hubfs/shojin/icons/arrow-right-light-white.svg)](https://portal.shojin.co.uk/user/register) ## Go further with Shojin ![key-light](https://www.shojin.co.uk/hubfs/shojin/icons/key-light.svg) 1. More opportunity No management fees. Smaller sums to take part. Lowered barriers for access. ![chalkboard-teacher-light](https://www.shojin.co.uk/hubfs/shojin/icons/chalkboard-teacher-light.svg) 2. Shared risk Shojin earns revenue based on the success of each project. We share in the risk and rewards together ![user-list-light](https://www.shojin.co.uk/hubfs/shojin/icons/user-list-light.svg) 3. Knowledge We use our thorough due diligence and expertise to ensure the best outcome – and you’re not left out the loop. ![line-segments-light](https://www.shojin.co.uk/hubfs/shojin/icons/line-segments-light.svg) 4. Wealth You get paid out before we do. 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The risks involved will vary by project types, so please make sure you have read and understood the specific risks associated with the investment. Investments made on this website should only be made as part of a diversified investment portfolio. For more details, see the Key Risks. Projections or estimated returns are not a reliable indicator of actual future performance and eventual returns or dividends may be lower than predicted. Information presented on this website is for guidance purposes only and does not constitute financial advice. If you are unsure of the suitability of an investment, please contact your financial adviser for professional advice. Shojin is a trading name of Shojin Financial Services Limited. This website is a financial promotion approved by Shojin Financial Services Limited which is authorised and regulated by the Financial Conduct Authority (FRN: 716765) (see [www.fca.org.uk/register](https://www.fca.org.uk/firms/financial-services-register) for more information). Companies that issue investments on this platform, including bonds issued by Shojin entities, are not themselves regulated by the Financial Conduct Authority and investments made on this site are not covered by the Financial Services Compensation Scheme. The investment opportunities listed on this website are not offers to the public and can only be entered into by certain types of investors who have satisfied certain investment criteria. 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