How'd this guy get a commercial loan without paying down payment?

[Cee Williams]

I'm interest in finding a 6+unit property but the hurdle is getting the 20%-30% down payment required for these commercial loans despite a property having good rental income. 

Was checking out this BiggerPocket's video:

Guy mentioned he didn't have to pay a down payment, only closing costs because the appraisal versus his accepted offer amount left $30k equity in the property.  

Typically these commercial and hard money loans want 20% down. Any insight?

I've heard of seller's contingency on FHA for closing costs, but not for the down payment. Is this a commercial financing thing?

[Scott E.]

LTVs on purchase are almost always based on the sales price, not the appraised value. Which means that it's possible to buy a property with "no money down" meaning none of YOUR money down, but somebody is going to need to come up with that 20-30% down payment.

There are ways to refinance out of your purchase loan and recapture a good % of your initial investment not long after buying, but again somebody is always going to need to come up with that difference on the purchase. That somebody could be you, a private equity lender, or a hard money lender.