Sub2 Refi Question

[Jason James]

Hello all. I am new to the forum but not new to the game. That said I have tons and tons to learn. I would like to hear the thoughts of others here on the question of Sub2 refinancing.

I have a property I purchased subject to and I am now thinking I would like to refi this property with a bank that has a very good rate right now and no closing cost. My question is this considered a refi or a purchase? I own the deed but not the mortgage. How do you think a bank would look at this?

Thanks in advance!