In REO Auction, a Winner by Default
When G8 Capital placed its bid on a bulk real estate-owned (REO) portfolio of 182 residential properties across 27 states, it entered a close race to win. It failed initially. G8 Capital had placed the second-highest bid on the bulk REO portfolio, which then went to the top bidder. But when the buyer eventually could not perform, G8's bid automatically became the winning offer by default on April 30 -- that is, if the company could close by the end of the day to accommodate a month-end closing date. G8 wired the funds within two hours of the call and became the portfolio's new owner the same day. "Our most recent portfolio acquisition is another testimony of G8's ability...to help sellers quickly and efficiently move assets off their books," said president and CEO Evan Gentry in a statement. "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 acquires distressed mortgage loan portfolios, performing and non-performing REOs, providing fair wholesale value on REO properties for secondary market, loss mitigation and asset managers looking to get the most out of their investments. Once acquired, G8 Capital works with borrowers to restructure or jointly create a work-out situation to allow homeowners to stay in their homes with more affordable payments. Write to Diana Golobay at email@example.com.