Broker Does Not Have P&L for properties

[Jeff Costa]

I contacted a broker about two mixed commercial/residential units being sold individually out of a portfolio of 15 properties. I asked for a T-12 for the properties and was told: "I do not have a profit & loss report for these properties as these properties represent a small chunk from a larger portfolio. We do not have each property broken out individually."This is a huge red flag to me, expecially as it appears the seller is also the property manager. I cannot understand how a P&L would not exist in some form for each property, or at least monthly operating statements or a pro-forma. This is not a mom&pop shop where you might find bad bookkeeping.

I don't see how any lender underwrites this in the absence of data. Has anyone run into this before? How did you mitigate the missing income and expense data? Thoughts?