Seller Carryback Workaround?

[Pete Sailhamer]

Hey everybody. I am looking into purchasing another multifamily and wanted to ask the seller to carryback 10% of the loan to help with the down payment. But when I checked with my lender, they only will lend with a combined 80% LTV, including the seller financing portion.

Advice from a colleague was to set up my own financing on the back end of the closing, meaning I would close using my own money, but then have the seller (or private investor) lend their funds and take a second mortgage post-closing.  I don't want to do anything illegal, as well as I don't want to hide anything from my lender.  I have a great portfolio lender than I want to keep solid relations with for years to come, so I don't want to jeopardize that.  Would this strategy likely be frowned upon by my lender, or is this a normal technique?  I wanted to hear from the BP community before seeing if I should pitch it to the lender.    Thanks!