| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-228375-04 | ||
Sent: Monday, June 15, 2020 9:51 AM
Subject: NEW ISSUE CMBS: $525.333mm BANK 2020-BNK27 - Public Classes - Announcement
NEW ISSUE CMBS: $525.333mm BANK 2020-BNK27
CO-LEAD MANAGERS & BOOKRUNNERS: BofA Securities, Wells Fargo Securities, Morgan Stanley
CO-MANAGERS: Academy Securities and Drexel Hamilton
PUBLICLY OFFERED CERTIFICATES
| WAL | PRIN | ||||||
| CLASS | Fitch/KBRA/Moody’s | SIZE($MM) | (YRS) | CE% | WINDOW | DY% | LTV% |
| A-1 | AAAsf/AAA(sf)/Aaa(sf) | 2.528 | 3.00 | 30.000% | 1-60 | 18.5% | 35.7% |
| A-SB | AAAsf/AAA(sf)/Aaa(sf) | 4.339 | 7.32 | 30.000% | 60-114 | 18.5% | 35.7% |
| A-4* | AAAsf/AAA(sf)/Aaa(sf) | N/A | 9.49 | 30.000% | 114-116 | 18.5% | 35.7% |
| A-5* | AAAsf/AAA(sf)/Aaa(sf) | 404.008 | 9.57-9.68 | 30.000% | 116-117 | 18.5% | 35.7% |
| A-S | AAAsf/AAA(sf)/Aa2(sf) | 68.968 | 9.72 | 18.250% | 117-117 | 15.9% | 41.7% |
| B | 125AA-sf/AA-(sf)/NR | 24.213 | 9.74 | 14.125% | 117-118 | 15.1% | 43.8% |
| C | A-sf/A-(sf)/NR | 21.277 | 9.80 | 10.500% | 118-118 | 14.5% | 45.7% |
*Sizes subject to change as detailed in the attached Term Sheet. Range of possible sizes below:
A-4: $0 - $250.000mm
A-5: $154.008mm - $404.008mm
| WA CUT-OFF LTV: | 51.0% |
| WA UW NCF DSCR: | 3.80x |
| WA UW NOI DEBT YLD: | 13.0% |
| WA ORIG TERM TO MATURITY: | 120 |
| WA ORIG AMORTIZING TERM: | 360 |
| TEN LARGEST LOANS: | 65.9% |
| LOAN SELLERS: | WFB(36.3%), BANA(32.7%), MS(31.0%) |
| TOP 5 STATES: | NY(31.5%), CA(26.1%), NV(14.9%), NJ(7.1%), TX(5.0%) |
| TOP 5 PROPERTY TYPES: | OF(51.3%), SS(19.6%), RT(10.0%), HOT(9.9%), MU(8.0%) |
| MASTER SERVICER: | Wells Fargo Bank, National Association |
| SPECIAL SERVICER: | CWCapital Asset Management LLC |
| TRUSTEE: | Wilmington Trust, National Association |
| CERT ADMIN: | Wells Fargo Bank, National Association |
| TRUST ADVISOR: | Park Bridge |
| INITIAL CNTRLG CLASS REP: | LD II Holdco XI LLC or its affiliate |
ATTACHED: TERM SHEET, ANNEX A-1
| EXPECTED PRICING: | Week of 6/15/2020 |
| EXPECTED SETTLEMENT: | On or about 6/26/2020 |
INVESTOR CALL:
Tuesday, June 16, 2:00pm ET
Registration Link - https://cossprereg.btci.com/prereg/key.process?key=PY7ME8WD8
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you may e-mail a request to dg.prospectus_request@bofa.com. The securities may not be suitable for all investors. BofA Securities, Inc. and its affiliates may acquire, hold or sell positions in these securities, or in related derivatives, and may have an investment or commercial banking relationship with the issuer.
IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS
ANY LEGENDS, DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR AT THE BOTTOM OF ANY EMAIL COMMUNICATION TO WHICH THIS COMMUNICATION IS ATTACHED RELATING TO (1) THESE MATERIALS NOT CONSTITUTING AN OFFER (OR A SOLICITATION OF AN OFFER), (2) NO REPRESENTATION THAT THESE MATERIALS ARE ACCURATE OR COMPLETE AND MAY NOT BE UPDATED OR (3) THESE MATERIALS POSSIBLY BEING CONFIDENTIAL, ARE NOT APPLICABLE TO THIS OFFERING AND SHOULD BE DISREGARDED. SUCH LEGENDS, DISCLAIMERS OR OTHER NOTICES HAVE BEEN AUTOMATICALLY GENERATED AS A RESULT OF THESE MATERIALS HAVING BEEN SENT VIA BLOOMBERG OR ANOTHER SYSTEM.
