Complaint Review: POPULAR COMMERCIAL CAPITAL INC - Salt Lake City, UTAH Nationwide

After 5 years and Popular Commercial's decision to NOT do business with Keith Mohundro it appears that the TX Attorney General's office agrees that Keith is committing fraud.  I received a call this week from the TX AG's office, they are pursuing Keith on multiple counts of investor fraud!!  

If anybody knows the whereabouts of Keith please contact the TX AG's office.

Who cares ?????????

Of course we can ask if he has closed any deals and provide proof. I request he prove he closed a 2 million dollar loan. Wow a commercial loan for 2 million. My loan was for 27 million and it didn't happen. 2 million is weak. I believe that's in in order to prove the closing with closing docs. If this cannot be done then we know this is crap. If its true then he cannot lend on larger projects and that's what mine was. He's a liar about most of his comments and let's see if he can close some loans. I know a few he is working with and i dought it will be done. He looks for reasons WHY he cannot close and I'm no done yet with my legal recourse to get some of my monies back. Where is the client that he closed the loan with? Bob Mills(broker) is the flunky that says he closed the loan. Let the client step up and provide proof. Darin Young , you and i will see face to face one day and it will be in my favor!. Any person can call your number but trying to get monies is a different story. None of Darin's resume can be verified and the attorney he references will not answer any important questions. So i say Darin and Bob stop screwing people over and find another job. I will get my monies back and will feel justified.

I can confirm the statements made by Darin Young of Popular Commercial Inc. I would also like to clarify the remarks made by Moho. The events Moho described were inaccurate and it is bordering defamation.The client's name is actually Keith Mohundro/Developer/Contractor. There were actually 3 sets of brokers involved in this transaction, Arsenis Consulting LLC./Alta-Financial Innovations/Mills & Goldberg Financial, LLC. and I actually spoke directly with Keith Mohundro a total of 5 times during this whole transaction. There were the several conference calls, a three way conversation with Alan Arsenis, and Keith Mohundro calling me directly looking for answers as to why his loan was denied. The first two conference calls were Keith discussing his experience as developer and contractor with over 20 years into the business and how much due diligence and time he spent putting the transaction together. On the three way conversation I had with Keith Mohundro, Alan Arsenis was on the call. Keith had some questions and concerns and had asked me if I personally finished a loan with P.C.C. I said, I had transactions in process but I did not officially close my transactions with PCC. but I had references from other brokers closing with PCC. and I gave them the number to a large real estate firm that closed transactions with PCC. Keith & Alan both called and confirmed with the attorney that they did actually close transactions with PCC. (I have proof that he did confirm) Prior to sending any money to PCC.,They were also concerned regarding some land/title issues which I commented PCC and I were already aware of that fact and it should be ok because it is being worked out. What I actually stated was, If the project is good as you claim, it should be an easy close. Needless to say it wasn't. Keith Mohundro was also concerned on the three way call, about someone from PCC coming down and actually viewing his project. I asked, Keith to meet Darin Young in Belize City to go over the necessary details of the project and he would be able to answer any possible crucial questions if needed. I then asked Darin Young to schedule the appointment as soon as possible to give Keith some comfort level to show him all parties are looking to complete this transaction. The third time I spoke to Keith, he asked why Darin Young came down by boat and I explained to Keith that Darin was scheduled on vacation and due to my persistence, I had him put his vacation on a temporary hold to view the project so that too much time wouldn't lapse and give you a comfort level needed because you was concerned that nobody would show up. I also mentioned I could get prior vacation plans from Darin Young (if needed) to show this trip was in fact pre-planned and he declined. On the call I found Keith also declined on meeting Darin due to what he called prior commitments and left all the details to be answered by his partner Dimitri. We scheduled another conference call to clear up any misunderstandings and I asked Alan and Keith to have all parties including his partner Dimitri on the call. Dimitri his partner did not get on the call. It was this conference call when Darin showed concern about the actual market value in Belize City and the subject property being purchased that we found, Keith Mohundro, an experienced developer never did any "actual" tests on the land, he never set foot on the property, he never physically met his partner Dimitri, and Dimitri himself was selling the land to Keith Mohundro!! When PCC. declined going in on this joint venture, he called my office screaming at me that there was misrepresentation by all. After a long back and forth I asked him to provide any factual third party evidence (other than his partners marketing tools) to contradict what PCC discovered about the land, permits, dredging, and the current value. I will take it to PCC myself to present it. To this day he has not provided anything to my office to move forward. The brokers nor I did not take or receive any monies from this transaction and a lot of time was wasted by all. The truth speaks for itself.

I funded a transaction with Darin. $2 million cash-out on commercial property, closed on time and fair rates and fees (for hard money). It was a short term bridge so I did not mind paying the points and fees. Darin is highly experienced, professional and well connected in the industry. Only slightly critical on the loan documents, very extensive. Due diligence was fair and mostly covered legal expenses and site inspection. Paid off with my bank loan.

Popular Commercial Capital, Inc. (PCC) is a private capital lender seeking good development projects in the U.S. and International markets with a significant appetite for Joint Venture transactions. www.popularcommercial.com In January 2009 a double broker chain including Bob Mills and Alan Arenis brought us a potential transaction in Belize. The project includes the acquisition of land that had been under contract off and on for about 9 months and was supposedly being purchased at a 50% discount. Keith Mohundro was the developer and claimed to be a very experienced developer from TX. I personally had several conference calls with both brokers and Keith to discuss the project. Keith claimed that he believed there to be significant demand in the market for condos and canal water front lots. Keith also claimed that he had performed a significant amount of due diligence on the market and the site. PCC had an interest and issued a detailed term sheet with PCC becoming a 25% equity participant in the project as a Joint Venture. It is impossible to visit a site in another country, perform extensive due diligence on a international market and begin the legal process for $6,500 but I already had made plans month prior to be in Belize on a cruise ship so this fact saved the borrower about $2,000 in travel expenses. Timing worked out to Keith's advantage. Upon arriving to the site I met with a local realtor that represented Keith's interest. Keith did not come to Belize for the site inspection which would normally be customary of a seasoned developer. Upon visiting the site my first concern was that the site was under significant water as it was UNDER sea level and we were able to actually walk the site due the water. After completing about two weeks of due diligence on the market it became very apparent that there was not any demand in the market according to 8-10 of the local real estate professionals. I spoke with an engineer and an environmental company in the area that confirmed the need for a complete engineering report and EIA and further explained that dredging would be needed and that a dredging permit in Belize was very difficult to obtain. Needless to say the group began to become very concerned with the level of experience of Keith and I again scheduled a conference call with the broker chain and Keith to discuss concerns. On the call it became apparent that Keith had not performed much due diligence on the transaction and had solely relied on the local realtor contact who said he had never met Keith in person. Thus on the call I asked Keith if he had ever been to the site? He responded, NO. Again I asked if he had ever ben to Belize? He responded, NO but I do not have to visit a site or Belize to perform due diligence. It came to the light that the realtor Keith was working with was also one of the SELLERS of the property. I advised Keith that the realtor was not "arms length" and who else had he spoken with in Belize and asked for a detailed list of names and contact phones. Keith responded that his computer had crashed and he did not have the information available. I asked him as a seasoned developer why have you not completed an engineering report and EIA during the prior 9 months you had the land under contract to verify that it was buildable? Keith responded that he was not spending any money on Belize until he had a loan. Needless to say we did not move forward on the land under water with the developer who never visited the country nor the site. Neither brokers involved had any idea that Keith had not visited the site either as he represented himself very well by phone. It is unfortunate that these type of occurances happen in the private capital space and of course Keith signed a very detailed LOI and we performed in good faith. LOI's outline a very detailed dispute resolution process as well that Keith can pursue if he disagrees with PCC's decision to not move forward. I can always be reached through my office in Salt Lake City (888)950-9339. Sincerely, Darin Young, President