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G8 Capital Closes 10th Acquisition of REO / Distressed Mortgage Portfolios
G8 Capital 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
| Source: G8 Capital
LADERA RANCH, CA--(Marketwire - 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.