| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-206677-16 | ||
----- Original Message -----
From: WELLS ABF SYNDICATE WELLS FARGO (WELLS FARGO SECURITI)
At: 06/26/17 11:24:00
WFCM 2017-C38 - PUBLIC NEW ISSUE
**PRICE GUIDANCE** $1,001.296 MM FIXED-RATE CMBS OFFERING
CO-LEAD MANAGERS
& JOINT BOOKRUNNERS: WELLS FARGO SECURITIES, LLC
BARCLAYS CAPITAL INC.
UBS SECURITIES LLC
CO-MANAGERS: ACADEMY SECURITIES, INC.
DEUTSCHE BANK SECURITIES INC.
OFFERED CERTIFICATES - PUBLIC
| CLASS | KBRA/FITCH/MDYS | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY | PX GDCE |
| A-1 | AAA(sf)/AAAsf/Aaa(sf) | 32.899 | 30.000% | 2.66 | 38.6% | 17.0% | IS+30A |
| A-2 | AAA(sf)/AAAsf/Aaa(sf) | 42.503 | 30.000% | 4.92 | 38.6% | 17.0% | IS+52A |
| A-3 | AAA(sf)/AAAsf/Aaa(sf) | 8.575 | 30.000% | 6.92 | 38.6% | 17.0% | n/a |
| A-SB | AAA(sf)/AAAsf/Aaa(sf) | 36.137 | 30.000% | 7.02 | 38.6% | 17.0% | IS+76A |
| A-4 | AAA(sf)/AAAsf/Aaa(sf) | 300.000 | 30.000% | 9.69 | 38.6% | 17.0% | n/a |
| A-5 | AAA(sf)/AAAsf/Aaa(sf) | 366.318 | 30.000% | 9.92 | 38.6% | 17.0% | IS+93A |
| A-S | AAA(sf)/AAAsf/Aa1(sf) | 119.369 | 19.375% | 9.92 | 44.5% | 14.7% | IS+115A |
| B | AA-(sf)/AA-sf/NR | 50.556 | 14.875% | 9.92 | 47.0% | 14.0% | IS+140A |
| C | A-(sf)/A-sf/NR | 44.939 | 10.875% | 9.92 | 49.2% | 13.3% | IS+180A |
| NON-OFFERED CERTIFICATES - PRIVATE (144A) | |||||||
| CLASS | KBRA/FITCH/MDYS | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY | |
| X-D | BBB-(sf)/BBB-sf/NR | 49.152 | N/A | N/A | N/A | N/A | |
| D | BBB-(sf)/BBB-sf/NR | 49.152 | 6.500% | 9.92 | 51.6% | 12.7% | |
| NON-OFFERED ELIGIBLE HORIZONTAL RESIDUAL INTEREST | |||||||
| CLASS | KBRA/FITCH/MDYS | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY | |
| E | BB(sf)/BB-sf/NR | 22.470 | 4.500% | 9.92 | 52.7% | 12.4% | |
| F | B+(sf)/B-sf/NR | 11.234 | 3.500% | 9.92 | 53.2% | 12.3% | |
| G | NR/NR/NR | 39.322 | 0.000% | 9.92 | 55.2% | 11.9% | |
| NON-OFFERED ELIGIBLE VERTICAL INTEREST | |||||||
| CLASS | KBRA/FITCH/MDYS | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY | |
| RR | NR/NR/NR | 31.176 | N/A | N/A | N/A | N/A | |
COLLATERAL SUMMARY
| INITIAL POOL BALANCE: | $1,154,649,987 |
| NUMBER OF LOANS: | 76 |
| NUMBER OF PROPERTIES: | 210 |
| WA CUT-OFF LTV: | 55.2% |
| WA BALLOON LTV: | 50.8% |
| WA U/W NCF DSCR: | 2.34x |
| WA U/W NOI DEBT YIELD: | 11.9% |
| WA MORTGAGE RATE: | 4.365% |
| TOP TEN LOANS %: | 45.6% |
| WA REM TERM TO MATURITY (MOS): | 115 |
| WA REM AMORTIZATION TERM (MOS): | 346 |
| WA SEASONING (MOS): | 1 |
| LOAN SELLERS: | BARCLAYS(34.7%), WFB(31.4%), RMF(10.7%), CIIICM(10.1%), UBSAG(7.9%), WFB/BARCLAYS(5.2%) |
| TOP 3 PROPERTY TYPES: | OFFICE(39.5%), RETAIL(25.4%), HOSPITALITY(17.1%) |
| TOP 5 STATES: | NY(25.8%), CA(16.8%), TX(11.6%), FL(5.3%), MI(4.6%) |
| MASTER SERVICER: | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| SPECIAL SERVICER: | KEYBANK NATIONAL ASSOCIATION |
| DIRECTING CERTIFICATEHOLDER: | PRIME FINANCE CMBS B-PIECE HOLDCO VIII, L.P. |
| DOCUMENTS & TIMING | |
| TERM SHEET, ANNEX A-1: | ATTACHED |
| PROSPECTUS: | ATTACHED |
| PRESALE REPORTS: | TODAY & TOMORROW |
| ANTICIPATED PRICING: | WEEK OF JUNE 26, 2017 |
| ANTICIPATED SETTLEMENT: | JULY 13, 2017 |
| ROADSHOW | |
| NEW YORK 1x1's: | TODAY, 6/21 |
| DES MOINES,BREAKFAST: | THURS, 6/22 @ 7:30AM CT, MARRIOTT DOWNTOWN |
| HARTFORD, BREAKFAST: | THURS, 6/22 @ 8:30AM ET, MAX'S DOWNTOWN |
| BOSTON, LUNCH: | THURS, 6/22 @ 12:00PM ET, RITZ-CARLTON |
| MINNEAPOLIS, LUNCH: | THURS, 6/22 @ 12:45PM CT, KIMPTON GRAND HOTEL |
| CONFERENCE CALLS: | UPON DEMAND |
PRE-RECORDED GLOBAL INVESTOR CALL: WWW.NETROADSHOW.COM
REVIEW CODE: TBD
FINAL LINK: TBD
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. 333-206677) 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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