Can I buy a condo from myself?

[Alex Muirhead]

Hi All, 

I have a condo which I bought in full, in cash (no mortgage) a few years ago. I tried to refinance last year but due to the fact that more than 10% of the condos in the association are owned by 1 company I am unable to get a federally backed loan (a condition I didn't know when I bought it) and the private loans I received prices for had 9% interest which means the condo would not cash flow. 

It is in a great up and coming area so my goal is to keep the existing condo, but I want to release the capital to invest in further properties. 

I am therefore wondering if I can take a federally backed mortgage, at the lower rates these offer, to buy the property from myslef and release the capital I invested as a refinance is too expensive. 

Any thoughts/suggestions would be much appreciated. 

Thanks, Alex