private funding

[George Zink]

looking for solution...winning bidder at cash only auction closing 5/2...purch 379,500...needs 100k rehab...ARV is 650k...I'm putting 190k personal $...borrowing 290k...private lender has agreed to fund but wants to establish mortgage at closing for the 290k...bank seller won't allow because it's a cash only deal...any ideas?...one option I thought of was having lender put the mortgage on my personal residence (value 450k...no existing mortgage) so they could distribute funds prior to 5/2 closing yet still have collateral protection...just looking for best strategy