Mercado Libre partners with a finance company to provide rental guarantees

The obligation to present a guarantee of ownership in order to be able to rent a property has always been one of the main stumbling blocks for tenants. In particular, because they also have to bear another series of significant expenses when entering the new destination.

This situation led to Free market, which has nearly 40,000 rental properties on its platform, to seal an agreement with the financial company Finaer for offer guarantees to those looking for property through the platform.

“With this new functionality, the user will be able to search for goods, contact the advertiser of the property of his choice and also request the guarantee, throughout the platform,” they explain to the firm headed by Marcos Galperín.

The steps to claiming the warranty are simple, they say. Once the user has found the desired property, he must click on the option “Request a guarantee” with the caption “We work with Finaer”, available in all rental publications of Mercado Libre.

You will then be redirected to the Finaer page where you fill out an application form and simulate the warranty costs.

“By deciding to move forward and complete their data, the person will receive Finaer’s approval in less than 24 hours,” MeLi said in a statement.

The guarantee is calculated on the basis of type of rent, value, real estate expenses and method of payment, and there is an opportunity for funding.

“From Mercado Libre, we are always looking to create new solutions that offer our users a complete experience from start to finish, where they can see the characteristics of the property, contact the advertiser and, now also, request their guarantee” , did he declare. Juan Manuel Carretero, Commercial Director of Real Estate, Vehicles and Free Market Services.

“Our main objective is that the user can meet all their needs thanks to a platform that gives them protection and confidence,” he added.

This solution is available for traditional rentals of apartments, houses, PH, villas and premises, both for commercial and housing purposes. Currently, the offer includes more than 40,000 properties available on the platform.

For his part, Diego Lema, director of Finaer, spoke of the alliance. “We are committed to providing the best service on the market, as well as the most recognized and reliable product. We are proud to participate and support Mercado Libre in this development which will undoubtedly bring great added value to tenants, real estate companies and owners, all users of the largest and most important digital platform in the country ”.

The alliance between the two companies is linked to a current market need. Since the entry into force of the new rental law in July 2020, there are five types of guarantees for potential tenants: the traditional owner’s guarantee; a common bond (also known as a paycheck guarantee); a guarantee of income certification by the tenant; bank guarantee and surety insurance. The tenant must offer the landlord at least two of these options.

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