More on the troubles facing Malloy, Finch, Pryor and Vallas ally Kenneth Moales Jr
On December 12, 2007, Kenneth Moales, Jr. and his Tabernacle Church of Love, Inc. borrowed $6,123,000 from Foundation Capital Resources, Inc. a Georgia company that loans money for the construction of fundamentalist churches.
As collateral for the loan, Moales and his church pledged 15 separate properties owned by the Prayer Tabernacle Church of Love, Inc.
On December 19, 2008, Moales and his church borrowed another $1,175,000 from the same lender. The same properties were used to secure the 2nd mortgage.
Four years later, in March 2012, the loan between Prayer Tabernacle of Love, Inc. and Foundation Capital Resources was modified to require Moales to pay the lender $10,000 per week for the first three Sundays of each month and $15,000 for the fourth Sunday of the month.
As reported previously, a lawsuit is now being filed to immediately foreclose on Moales, his church and all the named properties. In the case of a number of the properties, the lender is not only seeking to take possession of the title to the property but all real property located at those addresses.
Those properties include Moales’ two churches and the properties that he rents to his mother and sister for their taxpayer-funded daycare centers. It also appears that one of the properties being foreclosed upon is the residence where Moales and his family live, while another may be the residence where his mother lives.
In addition to the $8 million plus in principal and interest owed to Foundation Capital Resources, Inc., Moales and his church owe hundreds of thousands more to various contractors, the City of Bridgeport, the state of Connecticut and Community Bank of Bridgeport.
Community Bank of Bridgeport loaned Moales and his family $175,000. As collateral for that loan, Moales used the residence his mother lives in, as well as the full faith and credit of the church.
Considering that the assessed value of all the properties, taken together, don’t come close to the value of the loans and debts Moales has racked up, it is unlikely that many of the parties will be paid.
Equally interesting will be to see if there is any investigation about how Moales managed to borrow so much money based on such limited collateral.
The following chart lists the properties being foreclosed upon and the assessed value of those properties. Interestingly, some of the properties do not show up on the Bridgeport Assessors list.
|1209 Stratford Ave||$24¸680|
|1221 Stratford Ave||$18,600|
|1231 Stratford Ave||$800,020|
|1259 Stratford Ave||$24,700|
|1273 Stratford Ave||$184,010|
|851 Central Ave||124,930|
|852 Central Ave||$124,930|
|316 Deacon Street||$19,460|
|1044 Central Ave||?|
|1054 Central Ave||?|
|1062 Central Ave||?|
|1065 Central Ave||$212,320|
|689 Union Ave||$3,551,440|
|715 Union Ave||?|
|729 Union Ave||?|