Bank statement loans

[Timur Salikov]

What do you guys think of bank statement loans? Typically a lender needs to see 2 years worth of taxes, but I'm freelance and had my accountant minimize my tax liability and now I wont qualify for a 2nd mortgage.

I was thinking about paying more to the IRS in 2019 but found this other alternative...

Bank statement loans.. The lender looked at 2 years worth of bank statements / deposits and gave me the green light. To get a single family I would need 10% down and 6 months cash reserves. The interest would be around 7-8% (35% down for multi)

The lender said after a couple of years I can refinance into a new loan with better rates after an appraisal.

I know this is a bad rate but it seems like a better option then paying tons of extra taxes and just hoping I would qualify for a regular mortgage. Also I plan on divining up this property and putting it on airBnb so my returns are going to be a lot more then typical. Is there a third alternative?