What is a T-12 in real estate?

A T-12 (Trailing Twelve Months) is an operating statement showing the last 12 months of income and expenses for a property. Lenders use it to calculate Net Operating Income (NOI) and determine loan amounts. Bhumi provides forensic T-12 audits that reconcile every line item to bank statements.

How long does a T-12 audit take?

Bhumi delivers a complete, lender-ready T-12 package within 48 hours of receiving your documents. Full forensic reconstruction typically takes 1-2 weeks. Deal closing support runs approximately 30 days.

What size multifamily portfolios does Bhumi work with?

Bhumi specializes in $500K to $5M multifamily portfolios with 5-50 units. This is the sweet spot where institutional lenders require documentation but owners often lack institutional-grade bookkeeping - too complex for most accountants, too small for institutional advisors.

What documents do I need to start a T-12 audit?

To start, Bhumi needs three things: 12 months of bank statements for all accounts touching the property, a current rent roll showing units, tenants, and rent amounts, and your most recent tax return or Schedule E for the property.

How much does a T-12 audit cost?

Bhumi charges a flat fee based on portfolio complexity - number of units, bank accounts, and document condition. No hourly billing surprises. Contact for a specific quote based on your situation.

What lenders does Bhumi work with?

Bhumi is lender-agnostic and has prepared packages for Freddie Mac Small Balance Loans, Fannie Mae Small Loans, regional banks, credit unions, and private lenders. The documentation standards are tailored to each lender's requirements.

What is NOI variance and why does it matter?

NOI variance is the gap between what your T-12 operating statement shows and what your bank deposits prove. Lenders require zero variance for loan approval. Bhumi's forensic reconciliation traces every dollar of revenue to a specific bank deposit, eliminating phantom income and protecting your loan amount.

Can Bhumi help with inherited real estate portfolios?

Yes. Bhumi specializes in inherited portfolios where the previous generation ran operations manually. We've handled portfolios with Venmo payments, cash deposits with no paper trail, commingled personal and business expenses, and decades of accumulated documentation gaps.

$500K–$5M Portfolios

The Bank Said
"Prove It."

We Did.

Your buildings are good. Your tenants pay. But your books are a mess—and lenders don't fund confusion.

See the Process

Built by former

Raw Input

UNRECONCILED$850.00VENMO @MikeyD - Oct Rent?

ASK ACCOUNTANT$14,200"Home Depot + Dinner"

UNCLEAR$-45.00ADJ - ???

DUPLICATE?$1,200Unit 102 - Jan or Feb?

NO RECEIPT$3,450Plumber - cash

BHUMI

Verified Output

Rent - Unit 304 (M. Davis)$850.00

Roof Repair (CapEx)$14,200

Net Operating Income$248,330

Variance$0.00

FREDDIE MAC COMPLIANT•$500K-$5M PORTFOLIOS•T-12 AUDIT ENGINE•ZERO STIPS•VARIANCE ELIMINATION•LENDER-READY DOCS•FREDDIE MAC COMPLIANT•$500K-$5M PORTFOLIOS•T-12 AUDIT ENGINE•ZERO STIPS•VARIANCE ELIMINATION•LENDER-READY DOCS•FREDDIE MAC COMPLIANT•$500K-$5M PORTFOLIOS•T-12 AUDIT ENGINE•ZERO STIPS•VARIANCE ELIMINATION•LENDER-READY DOCS•

Mom & Pop Owners

Real Assets

Good buildings, paying tenants, decades of history

−

Bad Data

Manual checks, messy T-12s, commingled funds

Institutional Lenders

Cheap Money

Agency rates, long amortizations, non-recourse

−

Zero Tolerance

For ambiguity, variance, or "we'll explain later"

Bhumi bridges the gap. We clean the data so the money flows.

How We Work

From Chaos to Close

Discovery & Audit

We receive your T-12, bank statements, and rent rolls. Our team identifies every variance, commingled fund, and "phantom income" line item within 48 hours.

The Lender's Reality

What Underwriters Actually Ask

These are real questions from real deals. Can you answer them in 48 hours?

From: Underwriter @ Agency LenderRE: UW Checklist - Outstanding Items

"Please break out income "|

Can you answer these in 48 hours?

We can.

The Approach

Blocking &
Tackling

We don't sell consulting. We sell execution.

The Forensic Ledger

We Kill "Phantom Income"

Total Variance Resolved

Cash Payments

✓

Venmo/Zelle

✓

Check Variance

✓

All variances reconciled

Your tax returns show a loss. Your bank account shows a profit. We reconcile the gap so the Underwriter doesn't slash your valuation.

The War Room

We Cure "Lender Amnesia"

Building Count:4

Lenders ask for the same document five times. They lose emails. We maintain the Data Room as the Single Source of Truth.

The Operational Narrative

We Defend the Data

Rent Roll: Messy / Missing Units / Cash Payments|

We don't just clean the data. We defend it. Every variance has a narrative. Every gap has an explanation.

Featured Case Study

The Bella Vista Refinance

How we translated a 41-unit, cash-heavy portfolio into an institutional-grade borrower profile—and saved $22,000 in annual NOI.

Read the Full Case Study

The Underwriting Standard

Master the Documents
That Fund Your Deal

These three concepts determine whether your deal closes—or dies in underwriting.

The T-12 Operating Statement

The single most important document in multifamily lending. What it is, how lenders use it, and what kills deals.

Read the Guide →02

NOI Calculation

Net Operating Income determines your loan amount, your rate, and your valuation. Here's exactly how lenders calculate it.

Read the Guide →03

DSCR: The Ratio That Rules

Debt Service Coverage Ratio is the gatekeeper. Fall below 1.20x and your loan gets sized down—or denied.

Read the Guide →

Explore the Full Knowledge Base

Solutions

Built for how you work

Whether you're closing deals, underwriting risk, or managing assets—we speak your language.

Stop acting as an unpaid bookkeeper.

You sell capital, not accounting. When a borrower sends you a shoebox of receipts, your deal dies in Credit. We turn that shoebox into a Freddie Mac-compliant submission package in 48 hours.

Protect Your Commission

Eliminate the "Credit Kickback" that kills deals at the 11th hour.

Zero Variance

We bridge the gap between the T-12 and Bank Statements so you don't have to explain it.

Velocity

Turn a 3-week "document chase" into a 2-day submission.

Lenders don't reject properties.
They reject confusion.

Your assets deserve institutional capital. Let us prove it.

Built by a team that's closed $1B+ in real estate transactions at Blackstone, Leon Capital, and Google.

The Bank Said"Prove It."