- The Company Has Expanded From California-Focused Acquisitions to Include All Western States;
- The Company Has Raised an Additional $80 Million for Immediate Portfolio Acquisitions;
- G8 Capital Is Successfully Helping Financial Institutions Get Fair Wholesale Value for Their REOs and Loans Despite the Economic Downturn
LADERA RANCH, CA – March. 17, 2009 – G8 Capital, LLC announces today that it has closed its 13th portfolio acquisition, and has expanded its current focus beyond California to include all of the Western United States. G8 Capital has a proven track record of helping financial institutions and other holders of REO assets or non-performing loans get fair value for their assets through quick closings.
“We are pleased to complete our 13th portfolio acquisition in the past 1 1/2 years and are ready for what is shaping up to be an extremely active 2009,” said Evan Gentry, president and CEO, G8 Capital. “We work closely with banks and other sellers to move assets and associated risk off of their books in a quick and efficient manner. Because we are all-cash principal buyers we have a great deal of flexibility, which other buyers may not have, as well as the ability to close on transactions very quickly.”
G8 Capital has acquired REO portfolios, as well as distressed residential mortgage portfolios that consist of performing and non-performing loans, from some of the nation’s largest financial institutions and investment banks, as well as smaller regional/community banks.
“We have officially expanded our footprint and are actively acquiring portfolios with assets throughout the Western United States. We have strategically focused on the California market in the past year, but are now seeing comparable opportunities in other western states,” said Gentry.
Based on the success of the first portfolios acquired, G8 Capital has also raised an additional $80 million to be used for immediate acquisitions. The Company is in active due diligence on new deals and has seen increased activity from sellers in the past few weeks.
G8 Capital is a key resource for secondary market, loss mitigation and asset managers looking to get fair wholesale value for their REO and distressed mortgage 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.
G8 Capital was founded by Evan Gentry. Previously he 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.
About G8 Capital
G8 Capital, LLC (www.g8cap.com) buys distressed mortgage loan portfolios, as well as other performing and non-performing loans and real estate (REOs). 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 and REO portfolios that are worth between $5 million and $100 million.
Interview on “Street Signs” with Evan Gentry, G8 Capital CEO and CNBC’s Erin Burnett
March 4, 2009