0001539497-17-001049.txt : 20170628 0001539497-17-001049.hdr.sgml : 20170628 20170627180859 ACCESSION NUMBER: 0001539497-17-001049 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20170628 DATE AS OF CHANGE: 20170627 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Wells Fargo Commercial Mortgage Trust 2017-C38 CENTRAL INDEX KEY: 0001707817 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-206677-16 FILM NUMBER: 17933330 BUSINESS ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 BUSINESS PHONE: 7043832556 MAIL ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO COMMERCIAL MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0000850779 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 561643598 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 BUSINESS PHONE: 7043832556 MAIL ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 FORMER COMPANY: FORMER CONFORMED NAME: WACHOVIA COMMERCIAL MORTGAGE SECURITIES INC DATE OF NAME CHANGE: 20020304 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION COMMERCIAL MORTGAGE SECURITIES INC DATE OF NAME CHANGE: 19960520 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION MORTGAGE SECURITIES INC DATE OF NAME CHANGE: 19951013 FWP 1 n963_x14-fwp.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-206677-16

WFCM 2017-C38 - PUBLIC NEW ISSUE

**LAUNCH** $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	LAUNCH
A-1	AAA(sf)/AAAsf/Aaa(sf)	32.899	30.000%	2.66	38.6%	17.0%	IS+30
A-2	AAA(sf)/AAAsf/Aaa(sf)	42.503	30.000%	4.92	38.6%	17.0%	IS+52
A-3	AAA(sf)/AAAsf/Aaa(sf)	8.575	30.000%	6.92	38.6%	17.0%	IS+92
A-SB	AAA(sf)/AAAsf/Aaa(sf)	36.137	30.000%	7.02	38.6%	17.0%	IS+77
A-4	AAA(sf)/AAAsf/Aaa(sf)	300.000	30.000%	9.69	38.6%	17.0%	IS+92
A-5	AAA(sf)/AAAsf/Aaa(sf)	366.318	30.000%	9.92	38.6%	17.0%	IS+94
A-S	AAA(sf)/AAAsf/Aa1(sf)	119.369	19.375%	9.92	44.5%	14.7%	IS+115
B	AA-(sf)/AA-sf/NR	50.556	14.875%	9.92	47.0%	14.0%	IS+140
C	A-(sf)/A-sf/NR	44.939	10.875%	9.92	49.2%	13.3%	IS+175


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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