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.

Prepayment Calculator

How Much Equity Can You Access?

Your cash-out is limited by three things: LTV caps, DSCR minimums, and seasoning requirements. This calculator shows which one constrains you—and exactly how much you can pull.

Property & Debt

Property Value

Current appraised or estimated value

Current Loan Balance

Net Operating Income (NOI)

Annual NOI from your T-12

Months Owned

3 years = full cash-out eligible

Loan Terms

Interest Rate

Amortization

yrs

Max LTV

Min DSCR

Presets:

Accept Personal RecourseHigher cash-out available with personal guarantee

Non-Recourse Cash-Out

$464,019

Gross: $504,101−Closing (~2%): $40,082

Your ConstraintDSCR

Max Loan (LTV)$2,250,00075% of $3,000,000

Max Loan (DSCR)$2,004,1011.25x on $200,000 NOI

Before vs After

CurrentAfter Refi

Loan Balance$1,500,000$2,004,101

LTV50.0%66.8%

Annual Debt Service—$160,000

DSCR—1.25x

Equity$1,500,000$995,899

Equity Extraction

Remaining

Extracted

$995,899$504,101

You're extracting 34% of your current equity

Seasoning Requirements: The Hidden Gate

Lenders require you to own the property for a minimum period before allowing cash-out refinancing. This protects against "flipping" and ensures you have real skin in the game.

< 12 monthsRate/Term Only

No cash-out. You can refinance to a better rate, but can't extract equity.

12-24 monthsRestricted

Some cash-out possible, but expect lower LTV caps (5-10% reduction) or recourse requirements.

24+ monthsFull Cash-Out

Full cash-out refinance available at standard LTV and DSCR requirements.

Cash-Out at Different LTV Levels

Lower LTV = less cash-out but better terms and stronger DSCR cushion

LTVNew LoanCash-Out (Gross)DSCRStatus

75%$2,250,000$750,0001.11x✗ Below min

70%$2,100,000$600,0001.19x✗ Below min

65%$1,950,000$450,0001.28x✓ Qualifies

Tight DSCR Warning

At 1.25x DSCR, you're close to lender minimums. Consider a lower loan amount for more cushion against NOI fluctuations.

Your NOI Drives Your Cash-Out

Lenders don't use your NOI as-is. They apply haircuts for vacancy, concessions, and "stabilization" adjustments. A 10% NOI reduction can cost you $75,615 in cash-out.

Check Your NOI for Haircuts