Could I cash out refi on an owner financed deal?

[Clinton Davis]

I bought a house from an individual this year for $55k. I put $3,500 down and he is getting 4% amortized for 30 yrs. on the $51.5k balance. The property is worth about 90-100k right now. Would I be able to cash out refi the property? He says he doesn't mind what I do as long as I keep making my scheduled payments to him. So, with a 70%LTV cash out, would I be able to get this 70% on the ~100k and not pay the owners note off? Or just on the equity that I have on this property ~$50k?