Purchasing $2-3mil Property w/ ~10% Down Payment?

[Rick L.]

I've listed for sale my current four-family property with the hopes of doing a 1031 exchange for a MUCH larger property. I would like to attain the largest size property I possibly can 50-75 units or $2-3 million. However, I think I'm dreaming a little to big in regards to what I can afford to buy.

If I were to sale my current property, I would profit about $225 after paying the balance on my mortgage. I also I have a 100k HELOC on the current property. However, I'm assuming any balance would be due upon selling the property. I also have about $75-100k in available cash for a total of about $300k for a down payment on my next property. What are my options for attaining the desired 2-3 million dollar multifamily property?

Are there commercial lenders that would finance a deal like this with 10% down? I look nearly perfect one paper, -ie, 800+ credit score, high income, great loan payment history, ~$250k in retirement funds I'm hoping to show at reserves, etc.

I've heard of bridge/ gap loans. Although my understanding of them is limited, it sounds like these are similar to hard money loans. High interest rates and really intended for short periods of time. These don't sound ideal for what I would need to do.

Seller financing sounds like it might be possible. However, it's largely depended on the lender and what they would allow. Also, the new Dodd-Frank rules may restrict these transactions.

Any other ideas? I really in the information gathering and due dilegence stages. If I were to sale my current property I would really like to have my best lending options lined up so I can plan ahead.