Refi CO with subject to deal

[Suzanna Lam]

Hi,

Out of curiosity, has any one had this situation before?

Borrower purchased a SFH 2 months ago as investment property, took the project subject to a 1st loan of $100K and a HELOC of $100K and the rest in cash of $500K. Did a rehab of $50K. Property is now appraised at $1M. Borrower would like to do a refi CO now to pay off the existing 1st and 2nd and pull out some cash (as much as possible). Delayed financing doesn't work because the subject property has two liens on it. Any other ideas how to structure this refi CO now instead of waiting another 10 or 4 months for title seasoning under Freddie's guidelines? Thanks folks.

Suzanna