QCOSTARICA – Three state banks will be selling off about 76 properties in the first “Expo Interbancario” (Interbank Expo) to be held from April 15 to 17 in City Mall, in Alajuela.
During the three days, the Banco de Costa Rica (BCR), Banco Nacional (BN) and Banco Popular (BP) will offering lots from ¢1 million colones (US$1,800 dollars) and houses from ¢5 million colones (US$9,000 dollars).
These are properties seized by the banks from people who could pay their loans. They include vacant land, apartment buildings, houses and commercial units across the country.
The sale may be direct or by auction.
For the banks, maintaining the real estate is not good business, as it entails costs, including maintenance and upkeep of the properties.
The BCR said in a statement, “for the banks it does not represent profits, as they are generally assets carried a loss in trying to recover the initial investment.”
Besides the discounted sale price, the banks are also offering attractive financing, such as a fixed low rate for the first years and then at prime or completely at prime rate for loans up to 30 years.
The Banco Nacional has the bulk of the properties, with 400; the BCR says it has more than 300 in its portfolio; the Banco Popular 160 properties.
The properties are listed on each of the bank’s websites.
The expo is free. Hours are Friday and Saturday from 1:00pm to 8:00pm and Sunda from 1:00pm to 6:00pm.
City Mall is located one kilometre north of the San Jose airport, in Alajuela.
