| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-226486-12 | ||
From: Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 01/28/20 13:03:09
To: [REDACTED] (WELLS FARGO SECURITI )
Subject: NEW ISSUE CMBS: BANK 2020-BNK25 *PUBLIC IO LAUNCH*
BANK 2020-BNK25 - PUBLIC NEW ISSUE
**IO LAUNCH** $1,401.183MM FIXED-RATE CMBS OFFERING
| CO-LEAD MANAGERS | |
| & JOINT BOOKRUNNERS: | WELLS FARGO SECURITIES, LLC |
| BOFA SECURITIES, INC. | |
| MORGAN STANLEY & CO. LLC | |
| CO-MANAGER: | ACADEMY SECURITIES, INC. |
| DREXEL HAMILTON, LLC |
OFFERED CERTIFICATES - PUBLIC
| CLASS | Fitch/KBRA/S&P | SIZE($MM) | PROCEEDS($MM) | LAUNCH | |
| X-A | AAAsf/AAA(sf)/AAA(sf) | 1,086.790 | ~80.5 | T+95 |
COLLATERAL SUMMARY
| INITIAL POOL BALANCE: | $1,634,271,868 |
| NUMBER OF LOANS: | 77 |
| NUMBER OF PROPERTIES: | 97 |
| WA CUT-OFF LTV: | 51.5% |
| WA BALLOON LTV: | 50.5% |
| WA U/W NCF DSCR: | 3.56x |
| WA U/W NOI DEBT YIELD: | 13.8% |
| WA MORTGAGE RATE: | 3.433% |
| TOP TEN LOANS %: | 48.3% |
| WA REM TERM TO MATURITY (MOS): | 116 |
| WA REM AMORTIZATION TERM (MOS): | 374 |
| WA SEASONING (MOS): | 2 |
| LOAN SELLERS: | MSMCH(33.8%), BANA(31.8%), WFB(27.6%), NCB(6.7%) |
| TOP 3 PROPERTY TYPES: | OFFICE(38.7%), MULTIFAMILY(20.9%), HOSPITALITY(17.8%) |
| TOP 5 STATES: | NY(33.5%), CA(17.8%), NV(7.1%), TX(6.5%), NJ(5.0%) |
| MASTER SERVICERS: | WELLS FARGO BANK, NATIONAL ASSOCIATION AND NATIONAL COOPERATIVE BANK, N.A. |
| SPECIAL SERVICERS: | KEYBANK NATIONAL ASSOCIATION AND NATIONAL COOPERATIVE BANK, N.A. |
| DIRECTING CERTIFICATEHOLDER: | ELLINGTON MANAGEMENT GROUP, LLC |
| DOCUMENTS & TIMING | |
| ANTICIPATED PRICING: | WEEK OF JANUARY 27, 2020 |
| ANTICIPATED SETTLEMENT: | FEBRUARY 13, 2020 |
THIRD PARTY PASSWORDS:
NAME PW
BBG/Trepp BANK 2020-BN25 BNK25
Intex BNK20B25 1f5tjie1hhn0m8r27ok0z
| CONFERENCE CALLS: | UPON DEMAND |
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. 333-226486) 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.
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