Trying to find financing for additional property purchase in NYC

[Daniel C.]

I'm posting this question on behalf of a friend who is trying to buy his next property but is being denied financing some banks / lenders.

He purchased 3 properties over the course several years before 2008 in Brooklyn NY (Bed-Stuy and nearby areas) before mortgage guidelines become much stricter.  He's been shopping around for financing to purchase a 4th property. Although the rental income in each of the 3 existing properties covers all expenses (and in some cases cash flows); he's been advised that his debt-to-income ratio will not qualify him for a loan. He otherwise has a decent credit score; earns great income and has been employed for 10+ years. I don't know his exact numbers however.

Have you been in similar situations? If so, what options / methods did you use to obtain financing for the additional property? He'd like to avoid using a hard money lender. NYC investors - If you have any recommendations on a solid reputable lender / broker; and creative financing ideas; it would be very much appreciated. Thanks.