| | | FREE WRITING PROSPECTUS |
| | | FILED PURSUANT TO RULE 433 |
| | | REGISTRATION FILE NO.: 333-257991-10 |
| From: | Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At:06/05/24 09:28:15 UTC-4:00 |
| To: | Brendan Murray (WELLS FARGO SECURITI ) |
| Subject: | BANK 2024-BNK47 - PUBLIC NEW ISSUE **IPT** |
BANK 2024-BNK47 - PUBLIC NEW ISSUE **IPT**
$978.094MM FIXED-RATE CMBS OFFERING
| Co-Lead Managers & Bookrunners: | Wells Fargo Securities, BofA Securities, Citigroup, Goldman Sachs & Co. LLC, |
| J.P. Morgan, Morgan Stanley Co-Managers: | Academy Securities, Inc., Drexel Hamilton and Siebert Williams Shank |
Publicly Offered Certificates
| Class | Expected Ratings
(Fitch/Moody's/KBRA) | Available
Size($MM) | CE% | WAL
(YRS) | Principal
Window | UW NOI
DY% | LTV% | IPT |
| A-1 | AAAsf/Aaa(sf)/AAA(sf) | $6.684 | 30.000% | 2.75 | 1–59 | 23.7% | 33.2% | J+95A |
| A-2 | AAAsf/Aaa(sf)/AAA(sf) | $65.786 | 30.000% | 4.94 | 59-60 | 23.7% | 33.2% | J+135A |
| A-3 | AAAsf/Aaa(sf)/AAA(sf) | $7.500 | 30.000% | 6.89 | 83-83 | 23.7% | 33.2% | J+135A |
| A-SB | AAAsf/Aaa(sf)/AAA(sf) | $14.226 | 30.000% | 7.34 | 60-112 | 23.7% | 33.2% | A5+4bps |
| A-4* | AAAsf/Aaa(sf)/AAA(sf) | $250.000 | 30.000% | 9.46 | 112-116 | 23.7% | 33.2% | A5-2bps |
| A-5* | AAAsf/Aaa(sf)/AAA(sf) | $413.203 | 30.000% | 9.79 | 116-119 | 23.7% | 33.2% | J+95A |
| A-S | AAAsf/Aaa(sf)/AAA(sf) | $154.185 | 15.750% | 9.97 | 119–120 | 19.7% | 39.9% | J+125A |
| B | AA-sf/Aa3(sf)/AA-(sf) | $48.690 | 11.250% | 9.97 | 120–120 | 18.7% | 42.1% | J+150A |
| C | Asf/A2(sf)/A(sf) | $17.820 | 9.603% | 9.97 | 120–120 | 18.3% | 42.9% | J+200A |
*Sizes and WAL’s are subject to change as detailed in the Term Sheet
| POOL BALANCE: | $1,081,999,009 |
| NUMBER OF LOANS/PROPERTIES: | 52 / 81 |
| WA MORTGAGE INT. RATE: | 6.6258% |
| WA CUT-OFF LTV: | 47.4% |
| WA UW NCF DSCR: | 2.31x |
| WA UW NOI DEBT YLD: | 16.6% |
| WA ORIG TERM TO MATURITY: | 116 |
| TEN LARGEST LOANS: | 62.4% |
| LOAN SELLERS: | WFB (26.8%), BANA (21.4%), GSMC (20.4%), MSMCH (13.5%), Citi (8.5%), JPMCB (6.2%), NCB (3.2%) |
| TOP 5 STATES: | CA (17.5%), NY (13.9%), TX (11.7%), FL (9.5%), IL (7.6%) |
| TOP 5 PROPERTY TYPES: | RT (40.1%), OF (16.9%), IN (12.1%), HT (8.6%), MU (8.3%) |
| | |
| RISK RETENTION: | Eligible Horizontal Residual Interest ("HRR”) |
| | |
| MASTER SERVICERS: | Wells Fargo Bank, National Association and National Cooperative Bank, N.A. |
| SPECIAL SERVICERS: | Rialto Capital Advisors, LLC and National Cooperative Bank, N.A. |
| TRUSTEE: | Computershare Trust Company, National Association |
| CERT ADMIN: | Computershare Trust Company, National Association |
| OPERATING ADVISOR: | Park Bridge Lender Services LLC |
| INITIAL CONTROLLING CLASS REP: | RREF V - D AIV RR H, LLC |
Wells Fargo Commercial Mortgage Securities, Inc., as depositor, has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) (SEC File No. 333-257991) for the offering to which this communication relates. Before you invest, you should read the prospectus in the 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, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. - 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.
