Using Seller-Financed Land as Collateral to cover 20% DP for Construction Loan...?

[Earl Burl III]

Hello BP Family,

I am looking to acquire land in Houston for first development project. I would like to know if I can preserve some/all of my liquid capital by avoiding an all cash deal for the lot/land.

My thought process is... Acquire the land through a seller-financed deal for the deed to the land and use it for collateral to cover the 20% down payment needed for the construction loan. 

Once construction is completed and townhouses are sold I will pay off the seller I financed the land from.

Is this feasible?