| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-226486-15 | ||
From: Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 08/19/20 11:34:11
To: [REDACTED]
Subject: NEW ISSUE CMBS: WFCM 2020-C57 *PUBLIC PRICING DETAILS*
WFCM 2020-C57 - PUBLIC NEW ISSUE
**PRICING DETAILS** $464.547 MM FIXED-RATE CMBS OFFERING
| CO-LEAD MANAGERS | |
| & JOINT BOOKRUNNERS: | WELLS FARGO SECURITIES, LLC |
| UBS SECURITIES LLC | |
| CO-MANAGER: | ACADEMY SECURITIES, INC. |
| DREXEL HAMILTON, LLC |
OFFERED CERTIFICATES - PUBLIC
| CLS | FITCH/KBRA/MDYS | SIZE($MM) | C/E | WAL | SPRD | CPN% | YLD% | $PX |
| A-1 | AAAsf/AAA(sf)/Aaa(sf) | 23.372 | 30.500% | 2.93 | IS+67 | 0.903 | 0.8934 | 99.9973 |
| A-SB | AAAsf/AAA(sf)/Aaa(sf) | 38.042 | 30.500% | 7.20 | IS+100 | 1.914 | 1.4676 | 102.9992 |
| A-3 | AAAsf/AAA(sf)/Aaa(sf) | 160.000 | 30.500% | 9.47 | IS+114 | 1.864 | 1.7481 | 100.9945 |
| A-4 | AAAsf/AAA(sf)/Aaa(sf) | 168.161 | 30.500% | 9.64 | IS+116 | 2.118 | 1.7770 | 102.9951 |
| A-S | AA+sf/AAA(sf)/Aa2(sf) | 28.727 | 25.375% | 9.97 | IS+170 | 2.672 | 2.3349 | 102.9940 |
| B | AA-sf/AAA(sf)/NR | 15.415 | 22.625% | 9.97 | IS+200 | 2.975 | 2.6348 | 102.9915 |
| C | A-sf/AA-(sf)/NR | 30.830 | 17.125% | 9.97 | IS+375 | 4.158 | 4.3848 | 97.7795 |
NON-OFFERED CERTIFICATES - PRIVATE (144A)
| CLASS | FITCH/KBRA/MDYS | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY |
| D | BBBsf/A(sf)/NR | 12.738 | 14.853% | 9.97 | 55.4% | 11.9% |
COLLATERAL SUMMARY
| INITIAL POOL BALANCE: | $560,539,656 |
| NUMBER OF LOANS: | 40 |
| NUMBER OF PROPERTIES: | 71 |
| WA CUT-OFF LTV: | 65.1% |
| WA BALLOON LTV: | 57.1% |
| WA U/W NCF DSCR: | 1.80x |
| WA U/W NOI DEBT YIELD: | 10.1% |
| WA MORTGAGE RATE: | 4.048% |
| TOP TEN LOANS %: | 56.9% |
| WA REM TERM TO MATURITY (MOS): | 117 |
| WA REM AMORTIZATION TERM (MOS): | 359 |
| WA SEASONING (MOS): | 3 |
| LOAN SELLERS: | UBS(34.7%), LMF(29.4%), WFB(25.2%), LCF(10.8%) |
| TOP 3 PROPERTY TYPES: | MULTIFAMILY(20.0%), OFFICE(19.6%), HOSPITALITY(16.1%) |
| TOP 5 STATES: | CA(19.7%), NY(12.3%), TX(9.2%), PA(8.0%), VA(6.2%) |
| MASTER SERVICER: | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| SPECIAL SERVICER: | MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION |
| DIRECTING CERTIFICATEHOLDER: | KKR REAL ESTATE CREDIT OPPORTUNITY PARTNERS II L.P. |
| DOCUMENTS & TIMING | |
| TERM SHEET, ANNEX A-1: | ATTACHED |
| PRESALE REPORTS: | AVAILABLE |
| ANTICIPATED SETTLEMENT: | AUGUST 26, 2020 |
| CONFERENCE CALLS: | UPON DEMAND |
PRE-RECORDED GLOBAL INVESTOR CALL: WWW.NETROADSHOW.COM
REVIEW CODE: WFCMC57
FINAL LINK:
www.netroadshow.com/nrs/home/#!/?show=f871edb0
THIRD PARTY PASSWORDS:
BBG and Trepp:
Dealname: WFCM 2020-C57
Password: WFCMC57
Intex:
Dealname: WFC20C57
Password: p8p2vgdnd8r2kq30z
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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