FWP 1 n2711_x6-newissue.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-228375-07
     

 

 

BANK 2021-BNK36 **NEW ISSUE ANNOUNCEMENT** PUBLICS

 

NEW ISSUE CMBS: $1.060bn BANK 2021-BNK36


CO-LEAD MANAGERS & BOOKRUNNERS: BofA Securities, Morgan Stanley and Wells Fargo Securities
CO-MANAGERS: Academy Securities, Inc. and Drexel Hamilton

 

PUBLICLY OFFERED CERTIFICATES

CLASS Fitch/KBRA/SP SIZE($MM) WAL(YRS) CE% WINDOW DY% LTV%
A-1 AAAsf/AAA(sf)/AAA(sf) $27.581 2.66 30.000% 1 - 57 19.9% 36.3%
A-2 AAAsf/AAA(sf)/AAA(sf) $157.181 4.90 30.000% 57-60 19.9% 36.3%
A-3 AAAsf/AAA(sf)/AAA(sf) $10.640 6.94 30.000% 83-83 19.9% 36.3%
A-SB AAAsf/AAA(sf)/AAA(sf) $27.535 7.15 30.000% 60-109 19.9% 36.3%
A-4 AAAsf/AAA(sf)/AAA(sf) * * 30.000% * 19.9% 36.3%
A-5 AAAsf/AAA(sf)/AAA(sf) * * 30.000% * 19.9% 36.3%
A-S AAAsf/AAA(sf)/AAA(sf) $107.588 9.99 21.125% 119-120 17.6% 40.9%
B AA-sf/AA(sf)/AAA(sf) $53.036 10.02 16.750% 120-120 16.7% 43.1%
C A-sf/A-(sf)/A+(sf) $51.520 10.02 12.500% 120-120 15.9% 45.3%

 

* Sizes subject to change as detailed in the attached Term Sheet. Range of possible available sizes below:

     
Range of Principal Balance Range of Prin Win (Yrs) Initial Range of WAL
A-4 $0 - $300,000,000 NAP – 9.79 NAP / 109 – 118
A-5 $325,638,000 - $625,638,000 9.86 – 9.93 109 – 119 / 118 – 119

 

POOL BALANCE: $1,276,054,015
NUMBER OF LOANS/PROPERTIES: 92/128
WA MORTGAGE INT. RATE: 3.2249%
WA CUT-OFF LTV: 51.8%
WA UW NCF DSCR: 3.43x
WA UW NOI DEBT YLD: 13.9%
WA ORIG TERM TO MATURITY: 112
TEN LARGEST LOANS: 49.1%
LOAN SELLERS: BANA(39.0%),MSMCH(24.8%),WFB(20.8%),NCB(9.5%),BANA/WFB(5.9%)
TOP 5 STATES: CA(20.8%),IL(14.3%),NY(14.2%),TX(9.0%),AZ(6.4%)
TOP 5 PROPERTY TYPES: RT(34.5%),OF(23.8%),MF(11.2%),MU(10.2%),IN(9.4%)
   
RISK RETENTION Eligible vertical interest ("V")
   
MASTER SERVICER: Wells Fargo Bank and National Cooperative Bank
SPECIAL SERVICER: Rialto Capital Advisors, LLC and National Cooperative Bank
TRUSTEE: Wilmington Trust
CERT ADMIN: Wells Fargo Bank
TRUST ADVISOR: Pentalpha
INITIAL CONTROLLING CLASS REP: RREF IV Debt AIV, LP
   
Documents and Expected Timing:  
Attached: TERM SHEET, ANNEX A-1
Sept 20: PRELIM PROSPECTUS
INVESTOR CALL: September 20 3pm ET (live/not-recorded)
US Toll free: 855.312.6136 / Passcode: 114 927 71#
   
PRICING: Week of Sept 20
SETTLEMENT: On or about Oct 7

 

 

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 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.