How do I add a default thumbnail to elseif when no get_field(‘photos’), and no post thumbnail exists?

The function you are looking for is has_post_thumbnail()

With this function you can check, if a featured image has been attached to a post and perform the following code:

<?php if( get_field( 'photos' ) ): ?>
    <div class="img">
        <?php echo '<a class="image" href="' . get_permalink() . '"><div class="img"><img src="' . $model_pic[0]['sizes']['models'] . '" /></div><div class="info"><h3>' . get_the_title() . '</h3></div> </a> ' ?>
    </div>
<?php elseif( has_post_thumbnail() ): 
    $small_image_url = wp_get_attachment_image_src( get_post_thumbnail_id(), 'models'); ?>
    <div class="img"><?php echo '<a class="image" href="' . get_permalink() . '"><div class="img"><img src="' . $small_image_url[0] . '"/></div><div class="info"><h3>' . get_the_title() . '</h3></div> </a> ' ?></div>
<?php else: ?>
    <div class="img">
        <img src="<?php echo get_template_directory_uri(); ?>/images/default.png" alt="" />
    </div>
<?php endif; ?>