G8 Capital Is Working With Residents of the Naval Community of Ridgecrest, California to Maintain Tenancy Since Investor Fraud and Economic Downturn Left Occupants of a 300-Unit Condominium Development Facing Foreclosure and Eviction
LADERA RANCH, CA – August 4, 2009 – G8 Capital announced today that it has purchased more than 70 of the 300 units in the La Mirage condominium development being foreclosed on in the Central California city of Ridgecrest, California. G8 Capital buys distressed mortgage loan portfolios, as well as other performing and non-performing loans and real estate (REOs), helping property owners and their lenders.
The 300-unit condominium development was originally military housing which supported the China Lake Naval Base. However, after being converted to investment properties under straw buyers and then dropping significantly in value with the housing market in recent years, the units began foreclosing. Tenants of the troubled 300-unit development have been forced out amidst a serious housing shortage in the growing town which is expected to bring an additional 1000 or more jobs to the Naval Base through 2011.
Since learning of the displaced La Mirage tenants and the plight of the city of Ridgecrest, which is earnestly seeking to assist its residents and the growing community, G8 Capital began due diligence and has been working with lenders to acquire most of the foreclosed units so tenants can remain in their homes and help maintain the development.
“It was absolutely amazing how quickly G8 Capital was able to get the job done despite the complex legal challenges involved,” said Michael Avery, Ridgecrest city manager. “Thanks to G8 Capital’s ability to get these units back on the market, tenants, who would have been notified of eviction due to foreclosure or taken cash for keys, are allowed a chance to stay in their unit or find new living conditions in the same housing complex.”
“We are really pleased to be helping many of the tenants, forced out ultimately because of a fraudulent investor scheme and economic downturn, to stay in their homes,” said Evan Gentry, president and CEO of G8 Capital. “We are anxious to help the city of Ridgecrest — which is supporting a critical naval base — to get the La Mirage development back on its feet, and we believe our acquisition of 70 units will get the community well on its way. Our goal is to acquire a majority of the units in the project, and based on our current discussions we are well on our way to getting this done.”
G8 Capital acquires portfolios with assets throughout the United States with an emphasis in the Western part of the country. The Company has successfully closed distressed portfolios with several sellers, and has raised significant funds with which to acquire additional REO portfolios.
G8 Capital has proven a valuable resource for secondary market, loss mitigation and asset managers looking to get fair wholesale value for their REO portfolios, as well as their performing and 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 and renters to stay in their homes.
G8 Capital is led by a professional, experienced team. The Company was founded in 2007 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 (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 $500+ million.