ELYRIA — Former County Commissioner David Moore has been ordered to pay back more than $850,000 that his Amherst mortgage company borrowed from two separate banks in recent years, according to Lorain County Court of Common Pleas documents.
County Common Pleas Judge James Burge ruled that Moore, of Amherst, must pay back to Lorain National Bank a $250,000 loan that Moore signed for in June 2006, as well as $600,000 remaining on a $1.2 million loan from FirstMerit Bank in fall 2002.
Burge’s ruling on the $1.2 million loan was handed down on Thursday, while the ruling on the other loan came Dec. 12.
Late fees and interest on the borrowed money adds roughly $10,000 to the amount Moore must pay back to the two banks, bringing the final total to more than $860,000, plus any courts costs and legal fees, court documents said.
Moore borrowed the $1.2 million from FirstMerit Bank for his business, Moore Financial Enterprises, to help pay for his business offices on South Main Street in Amherst.
His monthly payments on that loan were $8,106, with a final large payment of $778,904 scheduled for 2012, when the loan was supposed to end.
In an unrelated lawsuit in 2003, Moore’s mortgage company was sued for duping borrowers who had little education or poor credit. He settled that lawsuit for $1.3 million but did not admit any wrongdoing.
Moore declined to comment.
Contact Shawn Foucher at 329-7197 or firstname.lastname@example.org.