1.   The valuation of the loan referred to in Article 6(4), point (h) shall, for each individual loan, reflect the likely actual return, defined as the discounted annual return on the investment expected by the investor on a given valuation date, based on the most recent available information.

2.   For the purposes of paragraph 1, the calculation of the likely actual return shall be based on all of the following information:

(a)	the interest rate or any other compensation laid down in the loan;

(b)	the yield to maturity;

(c)	the application of any fees as referred to in in Article 6(4), point (g) of Regulation (EU) 2020/1503;

(d)	the expected default rates, determined in accordance with Article 4(1) of Delegated Regulation (EU) 2022/2115;

(e)	any other costs paid by the project owner or the investor or the crowdfunding service provider in relation to the loan.

3.   The valuation of the loan as referred to in Article 6(4), point (h) of Regulation (EU) 2020/1503 shall include the valuation of the portfolio in which the loan is included, expressed as the ratio between the following:

(a)	numerator obtained by the sum of the products of: (i) the notional amount of each loan in the portfolio; (ii) the respective likely actual return of every loan of which the portfolio is composed;

(b)	denominator obtained by the sum of the notional amount of every loan of which the portfolio is composed.