Borman, LLC v. 18718 Borman, LLC

OPINION

COOK, Circuit Judge.

This appeal arises from Defendant-Appellee 18718 Borman, LLC’s (“Borrower”) default on a nonrecourse loan secured by property located on Detroit’s Borman Avenue, the street after which Borrower takes its name. The lender foreclosed, and Borman, LLC (“Purchaser”) — an unrelated entity also named after Borman Avenue— purchased the property at auction with a winning bid of $756,000. Then Purchaser, standing in the lender’s shoes, sued Borrower and its guarantor to collect a roughly $6 million deficiency. The district court granted summary judgment in favor of Borrower,…