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.

Pillar

Deal Room & Documentation

Organization signals competence. A clean deal room closes faster than a messy one—regardless of the underlying property quality.

Documentation as a Competitive Advantage

Underwriters process dozens of deals. They're looking for reasons to move quickly on easy files and slow down on problematic ones. Your deal room organization determines which category you fall into.

These articles cover the practical mechanics: how to organize 50+ documents, what checklists to use, and how to present your deal so underwriters want to approve it. Execution matters as much as substance.

Cluster 1: The System

A messy deal room is a red flag. Organize your files to fast-track your approval.

The 10-Folder Deal Room System

How to organize 50+ documents into a structure that underwriters can navigate in seconds. The folder system that closes deals.

5 min read

T-12 Readiness Checklist

A step-by-step checklist to verify your T-12 is lender-ready before submission. Print it. Use it.

5 min read

Cluster 2: The Diligence

Underwriters will find the inconsistencies. Find them first and control the narrative.

Lender Amnesia: Why Banks Ask for the Same Document Five Times

The phenomenon that kills timelines and how to cure it with a Single Source of Truth.

6 min read

The Settlement Audit: Finding $15,000 in the "Boring" PDF

Everyone checks the purchase price. Few check the prorations. See where money leaks at closing.

7 min read

Cluster 3: War Stories

Real situations, real solutions. How documentation decisions saved—or killed—actual deals.

How We Killed a Deal-Killing Concession in 4 Hours

A lease concession was about to tank our valuation. The exact playbook we used to fix it before the lender saw the file.

7 min read

The Aged Receivables Narrative

A $3,832 balance doesn't have to kill your deal—if you control the story. How to present delinquency with context that satisfies underwriters.

6 min read

Build Your Foundation

Documentation is easier when you understand what lenders are looking for:

← T-12 Fundamentals ← Lender Requirements