| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-257991-07 | ||
From: Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 07/28/23 10:10:27 UTC-4:00
Subject: NEW ISSUE CMBS: BANK 2023-BNK46 *PUBLIC ANNOUNCEMENT*
BANK 2023-BNK46 - PUBLIC NEW ISSUE
**ANNOUNCEMENT** $617.805MM FIXED-RATE CMBS OFFERING
| CO-LEAD MANAGERS | |
| & JOINT BOOKRUNNERS: | WELLS FARGO SECURITIES, LLC |
| J.P. MORGAN SECURITIES LLC | |
| BOFA SECURITIES, INC. | |
| MORGAN STANLEY & CO. LLC | |
| CO-MANAGERS: | ACADEMY SECURITIES, INC. |
| DREXEL HAMILTON, LLC | |
| SIEBERT WILLIAMS SHANK & CO., LLC |
OFFERED CERTIFICATES - PUBLIC
| CLASS | FITCH/KBRA/MOODY'S | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY |
| A-1 | AAAsf/AAA(sf)/Aaa(sf) | 3.674 | 30.000% | 2.76 | 34.9% | 22.6% |
| A-2-1* | AAAsf/AAA(sf)/Aaa(sf) | 123.630 | 30.000% | 4.81 | 34.9% | 22.6% |
| A-SB | AAAsf/AAA(sf)/Aaa(sf) | 6.426 | 30.000% | 7.24 | 34.9% | 22.6% |
| A-3* | AAAsf/AAA(sf)/Aaa(sf) | 70.00 | 30.000% | 9.48 | 34.9% | 22.6% |
| A-4* | AAAsf/AAA(sf)/Aaa(sf) | 200.454 | 30.000% | 9.81 | 34.9% | 22.6% |
| X-A | AAAsf/AAA(sf)/Aaa(sf) | 479.184 | N/A | N/A | N/A | N/A |
| X-B | A-sf/AAA(sf)/NR | 138.621 | N/A | N/A | N/A | N/A |
| A-S | AAAsf/AAA(sf)/Aa2(sf) | 86.424 | 17.375% | 9.90 | 41.2% | 19.1% |
| B | AA-sf/AA-(sf)/NR | 30.805 | 12.875% | 9.93 | 43.5% | 18.1% |
| C | A-sf/A-(sf)/NR | 21.392 | 9.750% | 9.93 | 45.0% | 17.5% |
NON-OFFERED CERTIFICATES - PRIVATE (144A)
| CLASS | FITCH/KBRA/MOODY'S | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY |
| A-2-2* | AAAsf/AAA(sf)/Aaa(sf) | 75.000 | 30.000% | 4.81 | 34.9% | 22.6% |
| X-D | BBB-sf/BBB(sf)/NR | 20.537 | N/A | N/A | N/A | N/A |
| D | BBBsf/BBB+(sf)/NR | 13.691 | 7.750% | 10.00 | 46.0% | 17.1% |
| E | BBB-sf/BBB(sf)/NR | 6.846 | 6.750% | 10.01 | 46.5% | 16.9% |
*Sizes and WAL’s are subject to change as detailed in the attached Term Sheet.
NON-OFFERED ELIGIBLE VERTICAL INTEREST
| CLASS | FITCH/KBRA/MOODY'S | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY |
| RR | NR/NR/NR | ~27.808 | N/A | 8.30 | N/A | N/A |
| RRI | NR/NR/NR | ~8.221 | N/A | 8.30 | N/A | N/A |
COLLATERAL SUMMARY
| INITIAL POOL BALANCE: | $720,578,197 |
| NUMBER OF LOANS: | 32 |
| NUMBER OF PROPERTIES: | 32 |
| WA CUT-OFF LTV: | 49.9% |
| WA BALLOON LTV: | 49.2% |
| WA U/W NCF DSCR: | 2.18x |
| WA U/W NOI DEBT YIELD: | 15.8% |
| WA MORTGAGE RATE: | 6.7964% |
| TOP TEN LOANS %: | 65.6% |
| WA REM TERM TO MATURITY (MOS): | 100 |
| WA REM AMORTIZATION TERM (MOS): | 361 |
| WA SEASONING (MOS): | 2 |
| LOAN SELLERS: | WFB(33.7%), JPMCB(19.6%), MSMCH(18.2%), BANA/JPMCB(15.1%), BANA/WFB(9.99%), BANA(3.4%) |
| TOP 3 PROPERTY TYPES: | RETAIL(35.8%), OFFICE(21.2%), HOSPITALITY(17.0%) |
| TOP 5 STATES: | CA(20.3%), FL(16.6%), MA(9.99%), PA(9.3%), MD(6.3%) |
| MASTER SERVICER: | WELLS FARGO BANK, NATIONAL ASSOCIATION AND NATIONAL COOPERATIVE BANK, N.A. |
| SPECIAL SERVICER: | LNR PARTNERS, LLC AND NATIONAL COOPERATIVE BANK, N.A. |
| DIRECTING CERTIFICATEHOLDER: | EIGHTFOLD REAL ESTATE CAPITAL FUND VI, L.P. |
| DOCUMENTS & TIMING | |
| TERM SHEET, ANNEX A-1: | ATTACHED |
| PRELIM PROSPECTUS: | ATTACHED |
| PRESALE REPORTS: | TODAY/MONDAY |
| ANTICIPATED PRICING: | WEEK OF JULY 31, 2023 |
| ANTICIPATED SETTLEMENT: | AUGUST 10, 2023 |
| THIRD PARTY PASSWORDS: | |
| Name PW | |
| BBG/Trepp BANK 2023-BNK46 2023BNK46 | |
| Intex BNK23B46 lc0co0f4mg9iea9tjqv0z | |
| 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.
