Refinancing a Land Purchase Agreement?

[Doug Adams]

Hi All,

I currently have a 1/4 acre residentially zoned plot of land under contract via a land purchase agreement with the owner on the main street of the Town of Mount Rainier, MD (PG County), and a couple blocks away form the DC border.

The market in the area is pretty hot, and the lot sits close to 2 major mixed-use developments (one of which, Studio 3807, which has been called the biggest residential development in PG County).

I do not own the property outright - the owner still holds the title & deed, and I am technically leasing it with the exclusive option to buy.  As part of our agreement, I put down about a 30% cash down payment upfront, and am making payments at about a 5% interest rate that will balloon over the course of the term.  I am also responsible for paying the property taxes as well. 

I am looking to refi this deal to get the property in my name for the perosnal tax benefits, and hopefully dodge the higher interest rate before it balloons.

Any leads/insight on how to go about doing so, or general thoughts on this deal, would be greatly appreciated.  Thanks!