Partial Sellers Financing for Land

[Kyler J Sloan]

Let's say that there is a tract of land you would like to own, but it has far more acreage than you need. 

Would it be possible to structure the deal to sellers finance 2/3 of the land, and bank finance the remaining 1/3 by rolling it into a construction loan?

I imagine that it would be necessary to subdivide the land first; otherwise, either the bank or the seller would need to come at second position.