Combining seller finance with SBA 504 or commercial bank loan

[Alex S.]

I am trying to organize financing on a small boutique hotel/cabins in a Montana tourist area.  The price is $4.5MM.

The seller is open to financing a limited portion of it...maybe 10-20%.

The two options I'm looking at:

1. SBA 504 loan - 90% LTC, 25-yr term, low rates

2. Commercial bank loan - 75-80% LTC, variable term, market rates

My question:  Can I combine seller financing with bank/SBA financing?  Is that a method to doing a $0 down deal?

I have other properties that could be collateral, but I'm trying to limit the cash outlay to use my cash updating the property.

I tried to do this once on a regular SFH investment property once and the credit union I was using shot it down immediately as being in violation of Fannie/Freddie rules...same for commercial?