| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-257991-03 | ||
From: Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 02/25/22 13:29:48 UTC-5:00
Subject: NEW ISSUE CMBS: BANK 2022-BNK40 *PUBLIC LAUNCH*
BANK 2022-BNK40 - PUBLIC NEW ISSUE
**LAUNCH** $999.012MM FIXED-RATE CMBS OFFERING
| CO-LEAD MANAGERS | |
| & JOINT BOOKRUNNERS: | WELLS FARGO SECURITIES, LLC |
| BOFA SECURITIES, INC. | |
| MORGAN STANLEY & CO. LLC | |
| CO-MANAGERS: | ACADEMY SECURITIES, INC. |
| DREXEL HAMILTON, LLC | |
| SIEBERT WILLIAMS SHANK & CO., LLC |
OFFERED CERTIFICATES - PUBLIC
| CLASS | FITCH/KBRA/S&P | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY | LAUNCH |
| A-1 | AAAsf/AAA(sf)/AAA(sf) | 11.750 | 30.000% | 2.90 | 34.5% | 20.1% | P+70 |
| A-2 | AAAsf/AAA(sf)/AAA(sf) | 6.857 | 30.000% | 5.01 | 34.5% | 20.1% | P+100 |
| A-SB | AAAsf/AAA(sf)/AAA(sf) | 20.730 | 30.000% | 7.46 | 34.5% | 20.1% | P+126 |
| A-3 | AAAsf/AAA(sf)/AAA(sf) | 350.000 | 30.000% | 9.82 | 34.5% | 20.1% | P+129 |
| A-4 | AAAsf/AAA(sf)/AAA(sf) | 390.923 | 30.000% | 9.91 | 34.5% | 20.1% | P+131 |
| X-A | AAAsf/AAA(sf)/AAA(sf) | 780.260 | N/A | N/A | N/A | N/A | |
| X-B | A-sf/AAA(sf)/NR | 218.752 | N/A | N/A | N/A | N/A | |
| A-S | AAAsf/AAA(sf)/AA+(sf) | 133.759 | 18.000% | 10.00 | 40.4% | 17.2% | P+165 |
| B | AA-sf/AA(sf)/AA-(sf) | 43.193 | 14.125% | 10.01 | 42.3% | 16.4% | P+175 |
| C | A-sf/A-(sf)/NR | 41.800 | 10.375% | 10.01 | 44.1% | 15.7% | P+210 |
NON-OFFERED CERTIFICATES - PRIVATE (144A)
| CLASS | FITCH/KBRA/S&P | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY |
| X-D | BBB-sf/BBB-(sf)/NR | 45.979 | N/A | N/A | N/A | N/A |
| D | BBBsf/BBB+(sf)/NR | 26.473 | 8.000% | 10.01 | 45.3% | 15.3% |
| E | BBB-sf/BBB-(sf)/NR | 19.506 | 6.250% | 10.01 | 46.1% | 15.0% |
NON-OFFERED ELIGIBLE VERTICAL INTEREST
| CLASS | FITCH/KBRA/S&P | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY |
| RRI | NR/NR/NR | ~58.666 | N/A | 9.76 | N/A | N/A |
COLLATERAL SUMMARY
| INITIAL POOL BALANCE: | $1,173,324,212 |
| NUMBER OF LOANS: | 70 |
| NUMBER OF PROPERTIES: | 102 |
| WA CUT-OFF LTV: | 49.2% |
| WA BALLOON LTV: | 47.8% |
| WA U/W NCF DSCR: | 4.00x |
| WA U/W NOI DEBT YIELD: | 14.1% |
| WA MORTGAGE RATE: | 3.4155% |
| TOP TEN LOANS %: | 60.8% |
| WA REM TERM TO MATURITY (MOS): | 118 |
| WA REM AMORTIZATION TERM (MOS): | 370 |
| WA SEASONING (MOS): | 1 |
| LOAN SELLERS: | WFB(27.7%), MSMCH(26.9%), BANA(20.6%), WFB/MSMCH(9.4%), WFB/BANA(9.4%), NCB(6.0%) |
| TOP 3 PROPERTY TYPES: | OFFICE(35.5%), MULTIFAMILY(32.5%), RETAIL(15.3%) |
| TOP 5 STATES: | NY(19.9%), NJ(16.1%), CA(13.0%), KY(7.3%), FL(6.9%) |
| MASTER SERVICER: | WELLS FARGO BANK, NATIONAL ASSOCIATION AND NATIONAL COOPERATIVE BANK, N.A. |
| SPECIAL SERVICER: | CWCAPITAL ASSET MANAGEMENT LLC AND NATIONAL COOPERATIVE BANK, N.A. |
| DIRECTING CERTIFICATEHOLDER: | ELLINGTON MANAGEMENT GROUP, LLC |
| DOCUMENTS & TIMING | |
| TERM SHEET, ANNEX A-1: | ATTACHED |
| PRELIM PROSPECTUS: | AVAILABLE |
| PRESALE REPORTS: | AVAILABLE |
| ANTICIPATED PRICING: | TODAY AT 2:30PM |
| ANTICIPATED SETTLEMENT: | MARCH 10, 2022 |
THIRD PARTY PASSWORDS:
Name PW
BBG/Trepp BANK 2022-BNK40 2022BN40
Intex BNK22B40 nn549skroc6mpdk4uviu6z
| 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. 333-257991) 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.
If this communication relates to an offering of US registered securities (i) a registration statement has been filed with the SEC, (ii) before investing you should read the filed documents, and (iii) you may obtain these documents from your sales representative, by calling 1-800-326-5897 or visiting www.sec.gov. If this communication relates to a securities offering exempt from US registration, you should contact your sales representative for the complete disclosure package. For information regarding Wells Fargo, see https://www.wellsfargo.com/com/disclaimer/wfid3. In Japan, see:
https://www.wellsfargo.com/com/disclaimer/wfsjb4. This chat will be retained and may be monitored.
