Assuming Business Property loan?

[Joehn B.]

If I buy a small business that includes real estate, it is possible to assume the existing loan (at a lower rate), and finance the additional amount up to asking on a second position mortgage? I am talking about SBA loans.  ?

For example, say the owner took out a 1 Million loan for his building 5 years ago, now is selling it at 2M.  Can I assume his note, for 1M and just borrow 1M from SBA in second position?

Thanks