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.

Why Bhumi

The Gap Between
What You Have & What They Need

Banks don't reject bad properties. They reject bad data.

For the Next Generation

Your Parents Built It.
Banks Want Proof.

Inheriting a portfolio? Here's what changed.

THE OLD WAY

How They Ran It

→Rent collected in cash and checks
→Expenses tracked in a notebook
→Handshake deals with tenants
→40 years of institutional knowledge
→"I know every tenant by name"

THE NEW REALITY

What Banks Now Require

•T-12 with income breakout by category
•Aged receivables report (30/60/90)
•Signed lease amendments on file
•Variance explanations for every spike
•Freddie Mac Form 1112 certification

We translate their 40 years of experience
into institutional underwriting.

Narrative Control

We Turn Red Flags
Into Green Lights

Every deal has problems. We control the story.

💰

What the Lender Sees

Unit 10: $1,267 outstanding balance

RED FLAG

Test Yourself

Do You Know What
Lenders Know?

4 questions. 2 minutes. See if you're ready.

1 / 4

A tenant moved out on the 15th. For the monthly occupancy report, is the unit:

Ready to Close?

Let's turn your data into a funded deal.

Let's Talk

The Gap BetweenWhat You Have & What They Need

Your Parents Built It.Banks Want Proof.