Private and traditional loan structure

[Jason Fisher]

Hello BP community,

I have a loan structure question. 
looking to buy a multi unit building ($475,000)

Planning on using a traditional loan and a private lender to pay the 20% down.

The bank is saying we can not have a private lender and they would need to 25% owners otherwise. 

I have used this private lender before to finance 100% of deals and they are willing to do the $95,000 @ 7% over 15-years. No early payoff before 5 years. 

We thought about getting the money, letting it sit in our account for a few months, then getting bank financing with the payback deal on the side. They seem hesitant because they would not be listed as a lien holder etc.. hoping for advice on how people have worked these deals... thanks!