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Dec 11

By Marc Hochstein
American Banker
December 11, 2007

Evan Gentry, co-founder and former chief executive of MoneyLine Lending Services Inc., has started a new firm, G8 Capital LLC, that buys distressed mortgage portfolios.

G8 Capital said Monday that it has raised $50 million from “a handful of private individuals,” including Mr. Gentry, for such acquisitions. It is courting “mortgage companies and financial institutions that are liquidating asset portfolios and looking to get fair wholesale value,” it said.

The Ladera Ranch, Calif., company said it is bidding 40 to 75 cents on the dollar, depending on the characteristics, for portfolios in the $3 million to $25 million range. It made its first purchase in November and said it expects to close two or three more deals this month.

MoneyLine, which provides outsourced mortgage origination services, was founded in 1996 and sold 10 years later to Genpact, an Indian outsourcer partially owned by General Electric Co.

Stanley D. Kirst, MoneyLine’s former executive vice president of secondary marketing services, has joined Mr. Gentry at G8 Capital.

Dec 01
  • G8 Capital helps mortgage companies and financial institutions get fair wholesale value for their loans in today’s uncertain credit market
  • G8 Capital offers the backing of strong investors and the expertise of seasoned secondary mortgage market professionals

LADERA RANCH, CA – December 10, 2007 – G8 Capital, LLC has raised $50 Million in committed capital for the purpose of acquiring distressed mortgage loan portfolios, as well as other performing and nonperforming loans and real estate. Backed by investors and lead by seasoned secondary mortgage market professionals with decades of experience, G8 Capital acquires both residential and commercial loan portfolios from mortgage companies and financial institutions that are liquidating asset portfolios and looking to get fair wholesale value.

G8 Capital closed its first portfolio acquisition last month and expects to close two to three more portfolio acquisitions this month. Funding was raised by a handful of private individuals, and includes some of the founder’s own capital. The Company is currently bidding on loan portfolios worth between $3M and $25M, and is buying portfolios between 40 and 75 cents on the dollar for non-performing and performing loans, depending on the portfolio characteristics.

“Mortgage companies and other financial institutions sorting through the frenzy of potential investors in today’s uncertain credit market can partner with G8 Capital for key advantages,” stated Evan Gentry, founder and CEO of G8 Capital. “With solid financial backing and a strong team we are poised to move quickly in bidding and acquiring portfolios, whether they are currently distressed or just need to be liquidated.”

G8 Capital is a key resource for secondary market, loss mitigation and asset managers looking to get fair wholesale value for their performing or non-performing loan portfolios. Once acquired, G8 Capital is working hands-on with borrowers to restructure or jointly create a work-out situation to allow homeowners to stay in their homes with more affordable payments.

Prior to founding G8 Capital, Evan Gentry was the CEO of MoneyLine Lending Services. After co-founding MoneyLine in 1996, Mr. Gentry led mortgage origination efforts for several dozen financial institutions for nearly a decade. Mr. Gentry led the growth of MoneyLine’s outsourced services business to include 50 banks nationwide, and received recognition by Inc. Magazine’s “Inc. 500 Fastest Growing Companies.” He sold MoneyLine to Genpact, a spin-off of GE Capital, near the peak of the market in mid-2006.

Mr. Gentry is joined at G8 Capital by other industry experts, including Stanley D. Kirst, 25-year mortgage veteran and former executive vice president of Secondary Marketing Services at MoneyLine/Genpact.

“I am pleased Stan has joined us in this new venture as he has directly led the buying and selling of several billion dollars worth of mortgage loan portfolios in his career and brings considerable experience to G8 Capital,” stated Mr. Gentry.

About G8 Capital
G8 Capital, LLC (www.g8cap.com) buys distressed mortgage loan portfolios, as well as other performing and nonperforming loans and real estate. G8 Capital acquires both residential and commercial mortgage portfolios/properties from mortgage companies and financial institutions that are liquidating assets and looking to get fair wholesale value. The Company is currently bidding on mortgage portfolios that are worth between $3M and $25M.