LADERA RANCH, CA--(Marketwire - Nov 13, 2012) - G8 Capital (g8cap.com) announced today that it has acquired $42 million in non-performing commercial loans within the past 60 days. All acquisitions were completed with cash and closed within 1-2 weeks of coming to terms with the sellers, which included one national bank and two regional banks.
The loans were acquired within three portfolios and the assets are primarily located in Western and Southeastern States. The loans are secured by commercial real estate, including office, industrial, retail, gas station/convenience store, airport hangars and mixed use buildings.
"G8 Capital continues to actively partner with banks and other sellers around the country who are looking to strategically move distressed real estate assets off their books," said Evan Gentry, president and CEO of G8 Capital. "We have a history of long-standing relationships with national and regional banks who select us for our ability to close easily and quickly while paying them fair value for their REO and non-performing loan portfolios."
Within the past few years, G8 Capital has acquired more than $300 million of non-performing loans and REO properties, primarily from large U.S. banks, regional banks and government agencies. Additionally, G8 Capital plans to acquire another $75 million in non-performing commercial loans before the end of the year.
Upon acquisition of its portfolios, G8 Capital's approach is to work closely with borrowers to assess their situation and determine the best work-out solutions, which may include a short-sale, obtaining deed-in-lieu of foreclosure, or restructuring the loan.
For more information about G8 Capital, visit www.g8cap.com.
About G8 Capital
G8 Capital (www.g8cap.com) is a prudent and disciplined investment firm focused on opportunity-based acquisitions of both residential and commercial real estate assets. G8 Capital acquires real estate and loan portfolios from financial institutions, government agencies and other sellers that are looking to get fair value and timely execution.