All my constructs are areflective in my SEM model however, since one constructs loadings are really bad, I am thinking to change it to formative. Is that possible to use both in one model?
In short, yes it is possible to have both formative and reflective constructs in the same SEM model. Depending on the type of SEM (covariance or partial least square, etc) you are using, the procedures to handle them differs substantially. However, whether they are formative or reflective should have been set at the beginning following your priori model. Changing them due to low or very low loadings or weights might not be the best way to handle the issue. To deal with this, again, depends on which type of SEM you are referring to, in any case, a few references below for your perusal. Hope this helps.
Hair Jr, J. F., Babin, B. J., & Krey, N. (2017). Covariance-based structural equation modeling in the Journal of Advertising: Review and recommendations. Journal of Advertising, 46(1), 163-177.
F. Hair Jr, J., Sarstedt, M., Hopkins, L., & G. Kuppelwieser, V. (2014). Partial least squares structural equation modeling (PLS-SEM) An emerging tool in business research. European Business Review, 26(2), 106-121.
MIMIC models include both indicators. I advise you to read everything that Kenneth Bollen has written on this. Indeed, I recommend that you read as much Bollen as possible.