| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-226486-16 | ||
From: Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 09/17/20 09:19:23
To: [REDACTED](WELLS FARGO SECURITI )
Subject: NEW ISSUE CMBS: BANK 2020-BNK28 *PUBLIC PRICE GUIDANCE*
BANK 2020-BNK28 - PUBLIC NEW ISSUE
**PRICE GUIDANCE** $598.643MM FIXED-RATE CMBS OFFERING
CO-LEAD MANAGERS
| & JOINT BOOKRUNNERS: | WELLS FARGO SECURITIES, LLC |
| BOFA SECURITIES, INC. | |
| MORGAN STANLEY & CO. LLC |
| CO-MANAGER: | ACADEMY SECURITIES, INC. |
| DREXEL HAMILTON, LLC | |
OFFERED CERTIFICATES - PUBLIC
| CLASS | Fitch/KBRA/MDYs | SIZE($MM) | C/E | WAL | PRICE GUIDANCE |
| A-1 | AAAsf/AAA(sf)/Aaa(sf) | 13.537 | 30.000% | 2.84 | IS+45A |
| A-SB | AAAsf/AAA(sf)/Aaa(sf) | 20.310 | 30.000% | 7.26 | IS+81A |
| A-3* | AAAsf/AAA(sf)/Aaa(sf) | 210.000 | 30.000% | 9.49 | A4-2bps |
| A-4* | AAAsf/AAA(sf)/Aaa(sf) | 235.068 | 30.000% | 9.89 | IS+89A |
| A-S | AAAsf/AAA(sf)/Aa1(sf) | 43.615 | 23.625% | 9.96 | IS+125A |
| B | AA-sf/AA+(sf)/NR | 41.050 | 17.625% | 10.00 | IS+145A |
| C | A-sf/A(sf)/NR | 35.063 | 12.500% | 10.04 | IS+230A |
*Sizes and WAL’s are subject to change as detailed in the attached Term Sheet.
NON-OFFERED CERTIFICATES - PRIVATE (144A)
| CLASS | Fitch/KBRA/MDYs | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY |
| D | BBBsf/BBB+(sf)/NR | 17.104 | 10.000% | 10.04 | 46.1% | 15.3% |
| E | BBB-sf/BBB(sf)/NR | 17.104 | 7.500% | 10.04 | 47.4% | 14.9% |
NON-OFFERED ELIGIBLE VERTICAL INTEREST
| CLASS | Fitch/KBRA/MDYs | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY |
| RRI | NR/NR/NR | 36.008 | N/A | 9.59 | N/A | N/A |
COLLATERAL SUMMARY
| INITIAL POOL BALANCE: | $720,172,953 |
| NUMBER OF LOANS: | 54 |
| NUMBER OF PROPERTIES: | 92 |
| WA CUT-OFF LTV: | 51.2% |
| WA BALLOON LTV: | 49.0% |
| WA U/W NCF DSCR: | 3.33x |
| WA U/W NOI DEBT YIELD: | 13.8% |
| WA MORTGAGE RATE: | 3.505% |
| TOP TEN LOANS %: | 64.7% |
| WA REM TERM TO MATURITY (MOS): | 118 |
| WA REM AMORTIZATION TERM (MOS): | 363 |
| WA SEASONING (MOS): | 2 |
| LOAN SELLERS: | MSMCH (44.6%), BANA (41.1%), |
| WFB (14.3%) | |
| TOP 3 PROPERTY TYPES: | MULTIFAMILY (25.2%), MIXED USE (20.2%), OFFICE (15.8%) |
| TOP 5 STATES: | NY (33.1%), TX (12.7%), CA (10.6%), WA (9.7%), FL (6.9%) |
| 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 | |
| TERM SHEET, ANNEX A-1: | ATTACHED |
| PROSPECTUS: | ATTACHED |
| PRESALE REPORTS: | TODAY & TOMORROW |
| ANTICIPATED PRICING: | WEEK OF SEPTEMBER 21, 2020 |
| ANTICIPATED SETTLEMENT: | SEPTEMBER 30, 2020 |
| THIRD PARTY PASSWORDS: | |
| BBG and Trepp: | |
| Dealname: | BANK 2020-BN28 |
| Password: | BK20BN28 |
| Intex: | |
| Dealname: | BNK20B28 |
| Password: | f8oa3p6bbvnednffz |
| CONFERENCE CALLS: | UPON DEMAND |
| LIVE GLOBAL INVESTOR CALL ON SEPT. 16 AT 1:00PM ET: | WWW.NETROADSHOW.COM |
| REVIEW CODE: | WFCMBNK28 |
| FINAL LINK: | https://www.netroadshow.com/nrs/home/#!/?show=02250ed9 |
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.