Evan Gentry, co-founder and former chief executive of MoneyLine Lending Services Inc., has started a new firm, G8 Capital LLC, that buys distressed mortgage portfolios.
G8 Capital said Monday that it has raised $50 million from "a handful of private individuals," including Mr. Gentry, for such acquisitions. It is courting "mortgage companies and financial institutions that are liquidating asset portfolios and looking to get fair wholesale value," it said.
The Ladera Ranch, Calif., company said it is bidding 40 to 75 cents on the dollar, depending on the characteristics, for portfolios in the $3 million to $25 million range. It made its first purchase in November and said it expects to close two or three more deals this month.
MoneyLine, which provides outsourced mortgage origination services, was founded in 1996 and sold 10 years later to Genpact, an Indian outsourcer partially owned by General Electric Co.
Stanley D. Kirst, MoneyLine's former executive vice president of secondary marketing services, has joined Mr. Gentry at G8 Capital.
