Somewhat of a tough spot to be in...you probably have the best hand against the loose player, but the rest of the hand is gonna be kinda awkward..

You've gotta realize that after the villain c/r the flop, it isn't unlikely that he leads out at you on the turn.

If you think you have the best hand (which you probably do), I guess you could 3-bet the flop. However, if you get raised (or even called) I would be very cautious moving forward, as they could easily have a 3 or a smaller overpair (44-88).