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.

The 10-Folder Deal Room: How to Organize 50+ Documents So Lenders Find What They Need

The Principle

Lenders review hundreds of deals. The ones with clean, numbered folders get processed first. The ones with "Final_v3_REAL_Final.pdf" scattered across nested directories get pushed to the bottom of the pile—or rejected outright.

During our 41-unit Freddie Mac refinance, we submitted 67 documents across 14 categories. The broker's first comment after reviewing our data room: "This is the most organized package I've seen this quarter."

That wasn't luck. It was a system.

The 10-Folder Structure

Every commercial real estate transaction—refinance or acquisition—requires roughly the same document categories. Number them. Always.

Folder	Contents	Why It Matters
01_TRANSACTION_OVERVIEW	Deal memo, term sheet, loan quotes	First thing anyone reads
02_APPLICATIONS	Signed loan application, submissions	The formal "ask"
03_LOAN_DOCUMENTS	Note, loan agreement, guaranty	What you're signing
04_FINANCIAL_STATEMENTS	T-12, rent roll, delinquency report	Proves the NOI
05_PROPERTY_LEGAL	Entity docs, leases, survey	Legal foundation
06_TAX_DOCUMENTS	Property taxes, returns	Expense verification
07_SPONSOR_DOCUMENTS	PFS, bank statements, Freddie forms	Borrower qualification
08_THIRD_PARTY_REPORTS	PCA, ESA, appraisal	Independent verification
09_UNDERWRITING_DELIVERABLES	UW checklist, questionnaires, CAPEX	Lender-specific requirements
10_FINAL_SUBMISSION	Everything sent to lender	Single source of truth

The numbers matter. When the analyst says "check folder 04," everyone knows exactly where to look. No ambiguity. No wasted time.

Inside Each Folder: The Subfolder Logic

Within each numbered folder, use consistent subfolders:

Standard Subfolders

Current/ — The active, most recent version of each document
Historical/ — Prior periods (last year's rent roll, historical P&L)
Archive/ — Superseded versions (v1, v2 before v3 became final)
Signed_Versions/ — Executed documents only

This structure means you never delete anything—but you also never confuse "current" with "old."

File Naming: The Non-Negotiables

Bad file names kill deals. I've seen underwriters reject packages because they couldn't tell which rent roll was current.

Bad	Good
Rent Roll.xlsx	Rent Roll - Nov 2025 v2.xlsx
Financials FINAL.pdf	T-12 Operating Statement - Oct 2025.pdf
scan001.pdf	Lease - Unit 23 - Holiday.pdf
Document (3).docx	Form 1115 - KP Certification - Signed.pdf

The formula: [Document Type] - [Specifics] - [Date/Version] - [Status].ext

The "Sent" Convention

When you submit a document to the lender, rename it or move it to a "Sent" folder. This creates an audit trail.

Example from our deal:

Bank Statements T3 (Sent).pdf — We know this exact file went to the lender
Sponsor Summary - Sent.pdf — The final version they received

When the lender asks "which version did you send us?" you have an instant answer.

The README File

At the root of your deal folder, create a README.md or README.pdf with:

README Contents

Transaction overview (property, lender, loan type, status)
Folder structure explanation
Quick reference: "For financial review, start with 04_FINANCIAL_STATEMENTS"
Version notes: "Current financials are v2 dated 11/13"
Key contacts

This README is the first thing anyone opens. It orients them instantly.

What This Prevents

Real scenarios we avoided with this system:

"Which rent roll is current?" — Always in 04_FINANCIAL_STATEMENTS/Current/
"Did we send the signed or unsigned version?" — Check for "(Sent)" suffix
"Where's the executed operating agreement?" — 05_PROPERTY_LEGAL/Entity_Documents/
"I can't find the insurance quote" — 08_THIRD_PARTY_REPORTS/Insurance/

Every minute spent searching for files is a minute not spent closing.

The Cleanup Routine

Before any submission, run this cleanup:

Delete temp files — Remove any ~$ lock files from Word/Excel
Consolidate duplicates — One source of truth per document
Archive old versions — Move superseded files to Archive/
Verify naming — Every file should be identifiable from its name alone
Update README — Reflect current state

Time investment: 15 minutes before submission. Time saved: hours of back-and-forth.

Your data room is your first impression. A lender who can find what they need in 30 seconds will process your deal faster than one who has to dig through chaos.