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G8 Capital Closes 15th Portfolio Acquisition of REO / Distressed Properties

  • 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.