FWP 1 n451_fwpx5.htm FREE WRITING PROSPECTUS Unassociated Document
   
FREE WRITING PROSPECTUS
   
FILED PURSUANT TO RULE 433
   
REGISTRATION FILE NO.: 333-195164-06
     
 
From: Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI)
Subject: Fwd:*** NEW ISSUE CMBS: WFCM 2015-LC20 *PUBLIC PRICE GUIDANCE*
 
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-LC20 - PUBLIC NEW ISSUE
**PRICE GUIDANCE** $711.4 MM FIXED-RATE CMBS OFFERING
 
LEAD MANAGER & SOLE BOOKRUNNER: WELLS FARGO SECURITIES
CO-MANAGERS: CREDIT SUISSE, DEUSTCHE BANK SECURITIES
 
 
OFFERED CERTIFICATES - PUBLIC
CLASS
DBRS/MDY/MSTAR
SIZE($MM)
C/E
WAL
CUM LTV
NOI DY
GUID
A-1
AAA(sf)/Aaa(sf)/AAA
30.186
30.000%
2.76
46.5%
14.3%
+40A
A-2
AAA(sf)/Aaa(sf)/AAA
83.309
30.000%
4.95
46.5%
14.3%
+51-53
A-3
AAA(sf)/Aaa(sf)/AAA
43.133
30.000%
6.96
46.5%
14.3%
+85A
A-4
AAA(sf)/Aaa(sf)/AAA
155.000  
30.000%
9.78
46.5%
14.3%
  
A-5
AAA(sf)/Aaa(sf)/AAA
215.903  
30.000%
9.94
46.5%
14.3%
+85A
A-SB
AAA(sf)/Aaa(sf)/AAA
53.206
30.000%
7.41
46.5%
14.3%
+73-75
A-S
AAA(sf)/Aa1(sf)/AAA
27.999
26.625%
9.96
48.8%
13.7%
+115A
X-A
AAA(sf)/NR/AAA
608.736  
N/A
N/A
N/A
N/A
  
X-B
AAA(sf)/NR/AAA
147.259  
N/A
N/A
N/A
N/A
  
B
AA(low)(sf)/Aa3(sf)/AA-
50.815
20.500%
9.96
52.9%
12.6%
+140A
C
A(low)(sf)/NR/A-
51.851
14.250%
9.96
57.0%
11.7%
+190A
PEX
A(low)(sf)/NR/A-
130.665  
14.250%
9.96
57.0%
11.7%
  
 
NON-OFFERED CERTIFICATES - PRIVATE (144A)
CLASS
DBRS/MDY/MSTAR
SIZE($MM)
C/E
WAL
CUM LTV
NOI DY
  
A-5FL
AAA(sf)/Aaa(sf)/AAA
215.903  
30.000%
9.94
46.5%
14.3%
  
D
BBB(low)(sf)/NR/BBB-
44.593
8.875%
9.96
60.6%
11.0%
  
               
 
COLLATERAL SUMMARY
 
CUT-OFF DATE BALANCE: $829,624,317
NUMBER OF LOANS: 68
NUMBER OF PROPERTIES: 122
WA CUT-OFF LTV: 66.5%
WA BALLOON LTV: 58.9%
WA U/W NCF DSCR: 1.63x
WA U/W NOI DEBT YIELD: 10.0%
WA MORTGAGE RATE: 4.396%
TOP TEN LOANS %: 45.9%
WA TERM TO MATURITY (MOS): 112
WA AMORTIZATION TERM (MOS): 353
WA SEASONING (MOS): 1
 
LOAN SELLERS: LCF (34.5%), WFB (32.9%), SPREF (32.6%)
 
TOP 5 PROPERTY TYPES: RETAIL (26.1%), OFFICE (25.4%),
HOSPITALITY (19.3%), MULTIFAMILY (10.2%),
INDUSTRIAL (8.4%)
 
TOP 5 STATES: NY (16.3%), CA (14.0%), TX (8.2%),
FL (6.8%), CO (6.6%)
 
MASTER SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION
SPECIAL SERVICER: RIALTO CAPITAL ADVISORS, LLC
SUBORDINATE CLASS REP: RREF II CMBS AIV, LP or another affiliate of
RIALTO CAPITAL ADVISORS, LLC
 
DOCUMENTS & TIMING
TERM SHEET, ANNEX A-1, ATTACHED
PRELIMINARY FWP: THUR, 3/19
PRESALE REPORTS: WED, 3/18 - THURS, 3/19
ANTICIPATED PRICING: EARLY WEEK OF 3/23
ANTICIPATED SETTLEMENT: MARCH 31, 2015
 
ROADSHOW
NEW YORK 1x1's: WED, 3/18
HARTFORD, BREAKFAST: THURS, 3/19 @ 8:30AM ET, MAX'S DOWNTOWN
BOSTON, LUNCH: THURS, 3/19 @ 12:00PM ET, THE LANGHAM
MINNEAPOLIS, BREAKFAST: THURS, 3/19 @ 7:30AM CT, GRAND HOTEL MINNEAPOLIS
CONFERENCE CALLS: UPON DEMAND
 
PRE-RECORDED GLOBAL INVESTOR CALL: WWW.NETROADSHOW.COM REVIEW CODE: HOLDINGS48 (not case-sensitive) DIRECT LINK: http: http://www.netroadshow.com/nrs/wp/default.html?show=72E05c
 
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. 333-195164) 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 many 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.