- 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.
- 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.
- 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.
- 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.
- 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.