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Aug 04

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.

May 06
  • G8 Capital Closes Acquisition Same Day as Winning the Bid to Accommodate Seller’s Month End; The Portfolio Consists of 182 Residential REO Properties Across 27 States
  • G8 Capital is Successfully Helping Financial Institutions Get Fair Wholesale Value For Their REOs and Loans Despite the Economic Downturn

LADERA RANCH, CA – May 6, 2009 – G8 Capital announced today that it has closed its 15th portfolio acquisition of REO and distressed mortgage properties in just over a year. G8 Capital won the portfolio, which consisted of 182 residential REO properties across 27 states, by successfully closing within two hours notice.

After performing an initial diligence review, G8 Capital was the second highest bidder on the bulk REO portfolio, subsequently awarded to another buyer. However, on April 30th, G8 Capital was notified that the other buyer could not perform and the seller needed to close the same day to accommodate a month-end closing. G8 Capital worked quickly and wired funds within two hours, securing the portfolio the same day.

“Our most recent portfolio acquisition is another testimony of G8’s ability to outperform our competitors and to help sellers quickly and efficiently move assets off their books,” said Evan Gentry, president and CEO, G8 Capital. “Our team has a proven track record and we’re poised to move just as quickly in the coming months as we anticipate a major wave of REOs being created by the recent expiration of national foreclosure moratoriums.”

G8 Capital is actively acquiring 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 many coming REO pools anticipated by the current backlog of foreclosed properties.

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 to stay in their homes with more affordable payments.

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, 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.

Mar 17
  • 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.

Mar 04

Interview on “Street Signs” with Evan Gentry, G8 Capital CEO and CNBC’s Erin Burnett
March 4, 2009


Nov 26

By Paul Jackson
November 26, 2008

A recent decision by the U.S. Treasury not to invest in purchasing assets from financial institutions via the $700 billion Troubled Asset Relief Program has jump-started the market for bulk REO sales by banks and other institutional sellers, sources suggested to HousingWire on Wednesday.

Ladera Ranch, Calif.-based G8 Capital is one such firm, and said earlier this week that it has closed its 10th portfolio acquisition from a top-five U.S. financial institution, consisting of 88 California REO properties.

“Activity from sellers has increased more than threefold following the Treasury’s announcement last week, with many sellers expressing a desire to close transactions before year end,” said Daryl Schwartz, vice president of acquisitions for G8 Capital. While we haven’t been given permission to disclose the relevant sellers, HousingWire knows of at least four other bulk REO portfolios that have been put out to bid by large servicers in the past week or so.

On Nov. 12, Treasury secretary Henry Paulson announced that government officials had decided against purchasing troubled assets as part of the financial bailout plan, and said that focus going forward would instead be placed on capital purchases where needed as well as funding market interventions where needed to jump-start frozen fixed-income issuance and trading.

G8 Capital, founded last year by former MoneyLine Lending Services CEO Evan Gentry, said it is looking at acquiring more than $500 million in REO and non-performing loan portfolios next year. But it’s far from the only firm that’s seen its fortunes revitalized by the government’s change of heart in asset purchases.

“We have been approached by an ever-increasing number of banks interested in selling REO in bulk, so it is not surprising that several funds have closed deals in that area,” said Jacob Benaroya, managing partner at Rochelle Park, New Jersey-based Biltmore Capital Group, LLC, a bulk buyer and seller of non-performing mortgage portfolios. “Most banks been very tight-lipped about their REO exposure, preferring that potential investors tell them exactly where they are looking, and what price they are willing to pay before even seeing a list of properties.”

That Benaroya is hearing about the jump in bulk REO transactions is telling in and of itself; he says his firm usually doesn’t purchase bank-owned real estate, preferring to avoid the property management business and purchase non-performing mortgage notes, where his firm can work directly with troubled borrowers to keep them in their homes.

“From the initial announcement of the TARP, we have been skeptical that any government money would involve REO, for the political implications — at that point there is no chance of saving the house for the borrower,” Benaroya said.

Nov 24
  • Completes Bulk Acquisition of 88 California REOs From a Top-Five U.S. Financial Institution;
  • G8 Capital on Track to Acquire Over $150 Million in Portfolio Acquisitions by Year End;
  • Reports Substantial Increase in Seller Activity After the Treasury Secretary Abandons TARP Program;
  • Helps Financial Institutions and REO Holders Get Fair Value for Their Assets Through Quick Closings

LADERA RANCH, CA – November 24, 2008 – G8 Capital announces today that it has closed its 10th portfolio acquisition from a top-five U.S. financial institution. The portfolio consisted of 88 California REO properties. G8 Capital helps financial institutions and other holders of REO assets or non-performing loans get fair value for their assets through very quick closings.

“Banks, investment banks, mortgage companies, and other financial institutions mired in the credit crisis are increasingly turning to G8 Capital because we have available capital and an expert team poised to quickly move distressed assets off their books,” stated Evan Gentry, founder and CEO of G8 Capital. “Many portfolio sellers have been burned by supposed buyers who were unable to perform. Sellers continue to come back to G8 Capital because we deliver on our commitments, typically closing transactions within two to three weeks.”

G8 Capital expects to close two more REO portfolio acquisitions before the end of the year, putting the firm on track to acquire more than $150 million in portfolio acquisitions over the past 12 months. The firm has acquired portfolios from some of the nation’s largest financial institutions and investment banks, as well as smaller regional/community banks. G8 Capital anticipates acquiring more than $500 million in REO and non-performing loan portfolios next year.

G8 Capital has seen a substantial increase in seller activity following Treasury Secretary Henry Paulsen’s announcement to abandon the Troubled Assets Relief Program (TARP) program to purchase distressed assets.

“Activity from sellers has increased more than threefold following the Treasury’s announcement last week, with many sellers expressing a desire to close transactions before year end,” said Daryl Schwartz, Vice President of Acquisitions for G8 Capital.

G8 Capital 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 REO and distressed mortgage loan portfolios, as well as other performing and non-performing loans and real estate. G8 Capital acquires both residential and commercial mortgage portfolios/properties from financial institutions and mortgage companies that are liquidating assets and looking to get fair value. The Company is currently bidding on REO and mortgage portfolios that are worth between $3M and $100M.

Jul 30

By Alan Zibel
BusinessWeek
July 30, 2008

Guess who holds your mortgage now? It’s your friendly neighborhood hedge fund.

Dozens of hedge funds, private equity groups and other investors have plunged into the beaten-down mortgage market in recent months, buying tens of thousands of distressed loans and foreclosed properties around the country. They hope to profit from the woes of banks and other investors holding mortgages that have plummeted in value as home values sink and defaults soar.

They are buying them from Wall Street investment banks eager to rid themselves of bad assets. Merrill Lynch & Co., for example, said this week it would sell mortgage-linked investments once valued at $30.6 billion for just $6.7 billion to Lone Star Funds, a distressed-debt investor in Dallas.

Many of the hedge funds, run by former Wall Street and lending industry executives, claim they can do a better job than banks or other investors of modifying mortgages at terms that consumers can afford.

“We’re much easier to deal with than a bank,” said Jacob Benaroya, managing partner of New Jersey-based Biltmore Capital Group, a hedge fund that’s buying up to $100 million in mortgage debt per year. “We’ve bought (the loan) at enough of a discount that we can make special arrangements with the borrower.”

However, the hedge funds acknowledge that the loans they purchase are often in such trouble that as many as two-thirds to one-half can’t be salvaged. In that case, the fund obtains the property through foreclosure and tries to sell it off, or allows the borrower turn over the house keys in return for forgiving the outstanding mortgage balance.

Edelmira Sayo, a real estate agent in Northern California, wound up turning over a rental property to investment firm G8 Capital this month after falling into financial trouble as her business slowed down and her income dropped.

The investor had offered to cut the value of the $410,000 loan by $50,000, but she still couldn’t qualify for a new loan because the value of her property had plummeted by nearly $100,000.

“If I could have just had it modified, I could have kept it,” she said. “I didn’t want to tarnish my credit report…It’s just so sad.”

Evan Gentry, chief executive of G8 Capital, said the company worked with Sayo for months to help her find a way to refinance the mortgage, but he said it couldn’t be done because of falling property values, tighter credit standards and Sayo’s lower income.

For many such borrowers, he said, “the best move for them is to simply do a deed in lieu of foreclosure and simply start over,” adding that many borrowers “feel a great relief when we tell them it’s OK” to do so.

So far, housing advocates say they haven’t yet seen the impact of such hedge funds among the borrowers they counsel. But they hope these new investors will be more amenable to borrowers interests’ than the current mortgage holders, which have been widely criticized for being sluggish to modify loans amid an unprecedented volume of defaulting loans.

“I have been waiting for this to happen,” said Gabe del Rio, vice president of lending at Community HousingWorks, a nonprofit housing agency in San Diego. “It will equate to a deeper ability to modify mortgages.”

Still, there are some worries that desperate borrowers unwittingly may be giving up protections — such as the right to sue the original lender — when they agree to a modification. “Borrowers are not represented by an attorney or anybody who can advise them about the legal effects of what they’re signing,” said Kurt Eggert, a professor at Chapman University’s law school.

Distressed debt investors, however, emphasize that they are less bureaucratic and more willing to make changes than most loan servicers, which collect and distribute mortgage payments.

“They’ve got too many loans and not enough people,” said Matt Stadler, a principal with investment group National Asset Direct, which currently owns about 750 loans and is looking to double that amount.

Restructuring the loan, when possible, is often faster and less expensive than going through the foreclosure process.

“We’re fully aligned with the interest of the borrower to find a way to make the loan more valuable by keeping them in their home,” said Stanford Kurland, a former Countrywide Financial Corp. executive who founded Private National Mortgage Acceptance Co. Kurland’s company, nicknamed PennyMac, aims to raise $2 billion for mortgage acquisitions.

To negotiate new loan terms with borrowers, some companies are setting up their own loan servicing operations.

For example, Marathon Asset Management, a New York-based hedge fund that specializes in debt investments, has its own loan servicer, Phoenix, Ariz.-based Marix Servicing, to handle the loans it purchases and those for other companies.

The company’s 85 employees handle no more than 200 cases each, compared with 500 or more for more typical loan servicing companies, said Rick Smith, the company’s president. His employees are also more aggressive.

“It’s not just calling somebody once a week,” Smith said. “We might call them on a daily basis, morning noon and night to find the best contact.”

May 01

Homeowners who owe more than their property is worth are offered new terms.

By E. Scott Reckard
Los Angeles Times Staff Writer
May 1, 2008

Jared Lanning, struggling to pay a home loan on which he owed more than his house was worth, was thinking he might just let the lender take back the property. Then he got a call one evening from an Orange County investor who had bought his mortgage.

“I want out of your loan,” said the investor, Evan Gentry, chief executive of G8 Capital of Ladera Ranch, who offered to lower the balance and the interest rate.

Lanning, a crane operator in Englewood, Colo., was skeptical. A phone pitch, after all, had led to his getting the unaffordable loan in the first place. But Gentry was legit: He helped Lanning get a new Federal Housing Administration-insured mortgage — with a $12,000 lower balance. Gentry also paid $5,000 in closing costs for the new loan. Lanning’s new monthly payment is $200 less than before.

Investors — including big fish like former Countrywide Financial Corp. President Stanford Kurland as well as smaller fry like Gentry — are buying loans on the cheap from lenders who want them off their books. By paying less than face value for the mortgages, the new holders can modify loan terms, including shrinking the amount owed, and still make money.

With some economists projecting 2 million foreclosures this year, legislators and regulators are hoping to encourage wide use of this model. They want lenders and investors in mortgage bonds to mark down what borrowers owe and then provide them with lower-cost loans. It’s a tricky business: No one wants to be seen as bailing out speculative buyers or imprudent lenders, but they also don’t want mass foreclosures to devastate neighborhoods and the economy.

The Federal Deposit Insurance Corp. described the problem Wednesday as “a self-reinforcing cycle of default, foreclosure, home price declines and mortgage credit contraction, the likes of which we have not experienced since the 1930s.” The agency is proposing that the government lend $50 billion to 1 million borrowers to help them replace unaffordable loans.

Sub-prime mortgages with interest rates ratcheting higher have proved less of a problem than once feared, because interest rates overall have dropped. But a “toxic combination” of falling home prices and borrowers who can’t afford even the initial low rates on adjustable loans is now the issue, FDIC Chairwoman Sheila C. Bair said in an interview this week.

“Many more borrowers are under water,” she said. “And many more are just walking away.”

Many people bought homes with nothing-down loans at the peak of the housing boom — 29% of all buyers in 2007 made no down payments, Treasury Secretary Henry S. Paulson Jr. said recently. Others have sucked all their equity out of their properties with refinancings.

According to Moody’s Economy.com, some 8.8 million Americans — more than 10% of all homeowners — owe more than their houses are worth, although a Mortgage Bankers Assn. economist contended the figure was lower, perhaps 8%. In any case, there is wide agreement that many of those troubled borrowers have proved surprisingly ready to abandon their properties, even when lenders offer to modify their loan terms as they were encouraged to do by the Bush administration.

“We are working with borrowers to keep them in their homes, but a lot of them really don’t want to stay,” said Babette Heimbuch, chairwoman of FirstFed Financial Corp. of Los Angeles, a savings and loan operator that specialized in adjustable-rate mortgages, including many that were made without full documentation of borrowers’ incomes.

FirstFed has about $6.3 billion in loans on its books. It said that $667 million of that balance, more than 10%, was delinquent or in foreclosure as of March 31, up from just $46 million a year earlier. FirstFed said Wednesday that it lost $69.8 million, or $5.11 a share, during the first quarter this year compared with a profit of $8.4 million, or 61 cents, a year earlier. It set aside $150.3 million for loan losses during the quarter, up from $3.8 million during the first quarter of 2007.

Because FirstFed kept most of its loans on its books rather than selling them, it should have been easier for the company to work with borrowers to modify the loans. Heimbuch said FirstFed forecloses only after analyzing 10 other options to offer the borrower, including lowering the interest rate; changing to a five-year, fixed-rate loan requiring payment of interest only; and writing down the loan balance.

Still, she said, up to 50% of borrowers who miss payments don’t respond to letters and repeated telephone calls to see if something can be worked out.

Some customers had acquired second mortgages and couldn’t make new arrangements with the other lender, she said. “I think some know they told us the wrong income and are afraid to come clean, though we would still work with them . . . to keep them in their homes if possible.”

For struggling borrowers, it’s a big mistake not to return such calls these days, said Gus A. Altazurra, a veteran mortgage executive who recently raised $10 million from private investors to buy and modify loans for which homeowners are still making payments.

“They’re probably going to help you, given the current situation,” said Altazurra, whose Irvine-based Vertical Fund Group has been negotiating with lenders of all sizes to buy loans. He said “a flood” of mortgages went up for sale in April after lenders closed their books on a horrendous first quarter.

Altazurra, who has paid as little as 31 cents on the dollar for some loans, said the terms of some mortgages made at the peak of the boom were hard to believe. One loan he bought from a Texas bank was to a borrower with a very low credit score — 484 — who refinanced and cashed out 100% of the equity in the property, he said.

Gentry, the other Orange County loan buyer, said he had obtained commitments from investors to provide $100 million in capital for workouts on loans that have stopped paying, current loans that can no longer be sold and foreclosed properties. He has bought nearly $50 million in mortgages and property so far.

Gentry purchased Lanning’s loan in a pool of mortgages from a San Diego lender that was going out of business. He said that on average his private venture was paying 70 cents to 80 cents on the dollar for loans like Lanning’s that were still current, and “less if the loans are nonperforming.”

Lanning had no home equity left — and thus had little incentive to keep sacrificing to make payments — before he got the smaller, cheaper FHA loan. Now his outlook has changed.

“We can’t do anything frivolous now,” he said. “But if we do it right, we have enough. That other loan was just pushing us over the top.”

Apr 22
  • Mortgage industry veteran, Adam Butler, joins G8 Capital
  • Butler to use his mortgage experience to create successful work-out loan situations for borrowers

LADERA RANCH, CA – April 22, 2008 – G8 Capital, LLC is pleased to announce the appointment of Adam Butler as Chief Operations Officer. Butler is a veteran of the mortgage industry with extensive experience working with borrowers and finding strategic solutions to loan challenges. G8 Capital helps mortgage companies and financial institutions get fair wholesale value for their performing and non-performing loans, and creates work-out situations for borrowers.

As COO, Butler will oversee the workout of all loan pool acquisitions and manage the closings of the company’s REO transactions. The company, which has acquired nearly $40 million in portfolio acquisitions in the past few months, expects to acquire well over $100 million in loan and REO portfolios this year. With this growth, Butler will also oversee the hiring and training of support staff.

“We value Adam’s seasoned leadership skills and his experience as an executive at a major mortgage corporation,” said Evan Gentry, CEO of G8 Capital. “His experience will be valuable as we continue to seek creative and strategic ways to create successful workout solutions for borrowers.”

Prior to joining G8 Capital, Adam co-founded Best Rate Funding Corporation in 2000 and served as its Chief Operations Officer through 2007. Best Rate Funding was a nationally licensed retail mortgage banker that originated and funded more than $3 billion in loan production from five office locations across the country.

“I am very excited to join the team here at G8 Capital and hope to utilize my years of experience in the mortgage industry and leadership abilities to further the growth and success of the company. We have a fantastic group here at G8 Capital, and I am confident that we can and will accomplish big things,” said Butler.

Butler was responsible for the development, training and oversight of several departments within Best Rate Funding, including loan origination, processing, underwriting, funding, post-closing and accounting. Butler managed all credit facilities and secondary market transactions, including the financing and subsequent sale of loans and bulk loan pools into the secondary market.

Additionally, Butler led the development and integration of a proprietary software program used to align all departments throughout the loan process. As a seasoned mortgage banker, Adam has a great understanding of financial and operational management issues involved in mortgage banking.

Butler is a graduate of California State University Long Beach and has held a California Real Estate license since 1998.

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. 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 $3M and $30M.

Mar 17
  • G8 Capital supports Federal Reserve chairman Bernanke’s suggestion of lender-initiated principal reductions as beneficial not only to borrowers but also lenders
  • G8 Capital helps mortgage companies and financial institutions get fair wholesale value for their loans despite the uncertain credit market

LADERA RANCH, CA – March 17, 2008 – G8 Capital, LLC announces today that it has closed its 5th loan pool acquisition since opening its doors a little more than 90 days ago. The company, which helps mortgage companies and financial institutions get fair wholesale value for their loans, acquires performing and non-performing loans and creates work-out situations for borrowers.

“In the current credit market we’re finding that lender-initiated principal reductions, recommended as a possible solution to the upsurge in foreclosures by Federal Reserve chairman Ben Bernanke, make sense. Not only is it in the borrower’s best interest, but it’s in our best interest as the lender,” stated Evan Gentry, founder and CEO of G8 Capital. “Equity is restored for the borrower, and potential resulting losses can be far less than the cost of foreclosure or selling the distressed loan. I would not want to see legislation on this, but I strongly encourage other lenders to selectively consider principal reductions, as it can be more economical than the alternatives.”

G8 Capital has acquired distressed residential loan pools that have consisted of everything from performing loans, to non-performing loans, to REO properties.

“We have found that many sellers are under the gun to move the assets off their books quickly, and appreciate the speed by which we can operate,” said Evan Gentry, founder and CEO of G8 Capital.

Based on the success of the first pools acquired, G8 Capital has also obtained additional capital commitments for future acquisitions. After closing its sixth acquisition scheduled for next week, the company will have closed nearly $40 million in portfolio acquisitions. The Company has new deals on the horizon and is seeking additional acquisition opportunities. G8 Capital is bidding on loan and REO portfolios worth between $3M and $30M, and is paying between 50 and 80 cents on the dollar depending on the portfolio characteristics.

G8 Capital is a key resource for secondary market, loss mitigation and asset managers looking to get fair wholesale value for their performing and non-performing loan portfolios, and REO 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. 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 $3M and $30M.