| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-259741-09 |
| NEW ISSUE CMBS: | $966.957mm BANK 2024-BNK48 |
| CO-LEAD MANAGERS & BOOKRUNNERS: | Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC, Wells Fargo Securities, BofA Securities, Citigroup |
| CO-MANAGERS: | Academy Securities, Inc, Siebert Williams Shank, and Drexel Hamilton |
PUBLICLY OFFERED CERTIFICATES
| CLASS | EXPECTED RATINGS Fitch/KBRA/Moody’s | AVAILABLE SIZE($MM) | CE% | WAL (YRS) | PRIN WINDOW | NOI DY% | LTV% | Launch |
| A-1 | AAAsf/AAA(sf)/Aaa(sf) | $10.900 | 30.000% | 2.69 | 1 – 60 | 22.9% | 35.6% | J+80 |
| A-SB | AAAsf/AAA(sf)/Aaa(sf) | $14.800 | 30.000% | 7.56 | 60 – 117 | 22.9% | 35.6% | J+88 |
| A-4 | AAAsf/AAA(sf)/Aaa(sf) | $113.550 | 30.000% | 9.77 | 117 – 117 | 22.9% | 35.6% | J+93 |
| A-5 | AAAsf/AAA(sf)/Aaa(sf) | $599.489 | 30.000% | 9.88 | 117 – 119 | 22.9% | 35.6% | J+95 |
| A-S | AAAsf/AA+(sf)/Aa3(sf) | $156.983 | 15.125% | 9.95 | 119 – 120 | 18.9% | 43.2% | J+125 |
| B | AA-sf/AA-(sf)/NR | $42.213 | 11.125% | 10.02 | 120 – 120 | 18.0% | 45.2% | J+155 |
| C | A-sf/A-(sf)/NR | $29.022 | 8.375% | 10.02 | 120 – 120 | 17.5% | 46.6% | J+185 |
| POOL BALANCE: | $1,090,793,507 |
| NUMBER OF LOANS/PROPERTIES: | 40 / 79 |
| WA MORTGAGE INT. RATE: | 6.1649% |
| WA CUT-OFF LTV: | 50.9% |
| WA UW NCF DSCR: | 2.38x |
| WA UW NOI DEBT YLD: | 16.0% |
| WA ORIG TERM TO MATURITY: | 120 |
| WA ORIG AMORTIZING TERM: | 119 |
| TEN LARGEST LOANS: | 64.0% |
| LOAN SELLERS: | CREFI (24.2%), GSMC (14.9%), WFB/JPMCB (13.8%), JPMCB (13.4%), MSMCH (12.8%), BANA (10.7%), WFB (7.3%), NCB (2.9%) |
| TOP 5 STATES: | CA (21.1%), NY (17.8%), NC (9.9%), TX (7.7%), IL (5.8%) |
| TOP 5 PROPERTY TYPES: | HT (28.2%), RT (20.8%), OF (17.6%), MU (14.9%), IN (7.8%) |
RISK RETENTION Eligible vertical interest and eligible horizontal residual interest
| MASTER SERVICER: | Wells Fargo Bank, National Association and National Cooperative Bank, N.A. |
| SPECIAL SERVICER: | LNR Partners, LLC and National Cooperative Bank, N.A. |
| TRUSTEE: | Computershare Trust Company, National Association |
| NCB CO-TRUSTEE: | Deutsche Bank National Trust Company |
| CERT ADMIN: | Computershare Trust Company, National Association |
| TRUST ADVISOR: | Park Bridge Lender Services LLC |
| INITIAL CONTROLLING CLASS REP: | CMBS 4 Sub 5, LLC, a Delaware limited liability company |
| EXPECTED PRICING: | Today @ 4:15pm ET |
| EXPECTED SETTLEMENT: | October 09, 2024 |
| ATTACHED: | Termsheet and Annex A |
***The depositor has filed a registration statement (including a prospectus) with the SEC (File No. 333-259741) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the depositor or any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll free 1-866-718-1649 or by email to prospectus@ms.com.*****
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