G8 Capital, Ladera Ranch, Calif., has named Aaron Murray to head its nonperforming loan acquisitions team.
In a recent interview with National Mortgage News, G8 CEO Evan Gentry noted that the privately held firm is continuing to focus its efforts on commercial NPL investing and hasn’t bought any residential loans since 2008, though it has purchased REO homes.
Two weeks ago it bought about 80 REO properties, though it declined to say for how much or identify the seller.
“At one time we had 3,000 residential loans,” said Gentry. “I think we have two or three left.” He added that it was hard to make money in residential NPL investing because too many firms were overpaying for product.
The CEO said G8 recently made staffing changes to reflect its emphasis on commercial. Its former acquisitions vice president, Daryl Schwartz, left the company last month.
G8 manages 20 different investment funds. “We’re profitable in every one,” said Gentry. “Each has annual returns of 20%.”
