refinancing a wrap-around note

[Mike Mitchell]

I'm attempting to refinance a mortgage that I took over. I flipped the house and am holding the note. The banker is telling me that since I don't own the house he can't loan against it unless the current owner is in on this. I understand the banker's point of view. Are there any ways around this. I stand to save a lot , not only on interest, but also on fees, insurance, etc. that the mortgagor was charging the person from whom I bought the property.
Thanks for any help.
Mike Mitchell
Lubbock, TX
INCREASE CAPITAL