0001539497-19-001024.txt : 20190620 0001539497-19-001024.hdr.sgml : 20190620 20190620130548 ACCESSION NUMBER: 0001539497-19-001024 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20190620 DATE AS OF CHANGE: 20190620 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Wells Fargo Commercial Mortgage Trust 2019-C51 CENTRAL INDEX KEY: 0001776721 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: 333-226486-06 FILM NUMBER: 19907949 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 n1670_priceguidance-x10.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-226486-06

From:	Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 06/20/19 11:53:18
To:	Nicholas Cerulo (WELLS FARGO SECURITI)
Subject:	NEW ISSUE CMBS: WFCM 2019-C51 PUBLIC PRICE GUIDANCE

WFCM 2019-C51 - PUBLIC NEW ISSUE
**PRICE GUIDANCE** $641.030 MM FIXED-RATE CMBS OFFERING

CO-LEAD MANAGERS
& JOINT BOOKRUNNERS:	WELLS FARGO SECURITIES, LLC BARCLAYS CAPITAL INC.
	UBS SECURITIES LLC

CO-MANAGER:	ACADEMY SECURITIES, INC.
	DREXEL HAMILTON, LLC

OFFERED CERTIFICATES - PUBLIC

CLASS	FITCH/KBRA/MDYS	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY	GUID
A-1	AAAsf/AAA(sf)/Aaa(sf)	22.389	30.000%	2.72	44.1%	15.2%	IS+44A
A-2	AAAsf/AAA(sf)/Aaa(sf)	45.489	30.000%	4.84	44.1%	15.2%	IS+60A
A-SB	AAAsf/AAA(sf)/Aaa(sf)	29.432	30.000%	7.27	44.1%	15.2%	IS+80A
A-3*	AAAsf/AAA(sf)/Aaa(sf)	200.000	30.000%	9.81	44.1%	15.2%	IS+96A
A-4*	AAAsf/AAA(sf)/Aaa(sf)	213.326	30.000%	9.90	44.1%	15.2%	IS+98A
A-S	AAAsf/AAA(sf)/Aa3(sf)	62.005	21.500%	9.93	49.4%	13.6%	IS+125A
B	AA-sf/AA-(sf)/NR	36.474	16.500%	9.93	52.6%	12.7%	IS+150A
C	A-sf/A-(sf)/NR	31.915	12.125%	9.93	55.3%	12.1%	IS+180A

*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
X-D	BBB+sf/BBB+(sf)/NR	11.854	N/A	N/A	N/A	N/A
D	BBB+sf/BBB+(sf)/NR	11.854	10.500%	9.93	56.3%	11.9%

COLLATERAL SUMMARY
INITIAL POOL BALANCE:	$729,480,091
NUMBER OF LOANS:	54
NUMBER OF PROPERTIES:	105
WA CUT-OFF LTV:	63.0%
WA BALLOON LTV:	57.9%
WA U/W NCF DSCR:	1.97x
WA U/W NOI DEBT YIELD:	10.6%
WA MORTGAGE RATE:	4.537%
TOP TEN LOANS %:	54.7%
WA REM TERM TO MATURITY (MOS):	114
WA REM AMORTIZATION TERM (MOS):	354
WA SEASONING (MOS):	2
LOAN SELLERS:	RMF(26.2%), WFB(24.9%), BARCLAYS(23.9%), UBS(13.8%), CIII(11.2%)
TOP 3 PROPERTY TYPES:	OFFICE(38.5%), RETAIL(27.5%), MIXED USE(10.6%)
TOP 5 STATES:	CA(18.6%), PA(13.5%), AZ(11.2%), TX(7.0%), NY(6.2%)
MASTER SERVICER:	WELLS FARGO BANK, NATIONAL ASSOCIATION
SPECIAL SERVICER:	C-III ASSET MANAGEMENT LLC
DIRECTING CERTIFICATEHOLDER:	LD II SUB V, LLC OR AN AFFILIATE
DOCUMENTS & TIMING
TERM SHEET, ANNEX A-1:	ATTACHED
PRELIM PROSPECTUS:	ATTACHED
PRESALE REPORTS:	TODAY
ANTICIPATED PRICING:	WEEK OF JUNE 17, 2019
ANTICIPATED SETTLEMENT:	JULY 11, 2019
CONFERENCE CALLS:	UPON DEMAND

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.