0001539497-20-000099.txt : 20200122 0001539497-20-000099.hdr.sgml : 20200122 20200122124609 ACCESSION NUMBER: 0001539497-20-000099 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200122 DATE AS OF CHANGE: 20200122 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BANK 2020-BNK25 CENTRAL INDEX KEY: 0001797056 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: 333-226486-12 FILM NUMBER: 20538384 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 n1967-x8_publicannouncement.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-226486-12

From: Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 01/22/20 08:46:36

To: [REDACTED] (WELLS FARGO SECURITI )
Subject: NEW ISSUE CMBS: BANK 2020-BNK25 *PUBLIC ANNOUNCEMENT*

BANK 2020-BNK25 - PUBLIC NEW ISSUE
**ANNOUNCEMENT** $1,401.183MM 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/S&P	SIZE ($MM)	C/E	WAL	CUM LTV	NOI DY
A-1	AAAsf/AAA(sf)/AAA(sf)	15.250	30.000%	2.63	36.0%	19.7%
A-2	AAAsf/AAA(sf)/AAA(sf)	8.461	30.000%	4.92	36.0%	19.7%
A-3	AAAsf/AAA(sf)/AAA(sf)	61.183	30.000%	6.85	36.0%	19.7%
A-SB	AAAsf/AAA(sf)/AAA(sf)	22.612	30.000%	7.25	36.0%	19.7%
A-4*	AAAsf/AAA(sf)/AAA(sf)	480.000	30.000%	9.76	36.0%	19.7%
A-5*	AAAsf/AAA(sf)/AAA(sf)	499.284	30.000%	9.84	36.0%	19.7%
X-A	AAAsf/AAA(sf)/AAA(sf)	1,086.790	N/A	N/A	N/A	N/A
X-B	A-sf/AAA(sf)/A(sf)	314.393	N/A	N/A	N/A	N/A
A-S	AAAsf/AAA(sf)/AAA(sf)	194.070	17.500%	9.92	42.5%	16.7%
B	AA-sf/AA-(sf)/AA(sf)	62.102	13.500%	9.92	44.5%	16.0%
C	A-sf/A-(sf)/A(sf)	58.221	9.750%	9.92	46.5%	15.3%

*Sizes and WAL’s are subject to change as detailed in the attached Term Sheet.

NON-OFFERED CERTIFICATES - PRIVATE (144A)

CLASS	Fitch/KBRA/S&P	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY
X-D	BBB-sf/BBB-(sf)/NR	58.221	N/A	N/A	N/A	N/A
D	BBBsf/BBB(sf)/NR	36.874	7.375%	9.92	47.7%	14.9%
E	BBB-sf/BBB-(sf)/NR	21.347	6.000%	9.92	48.4%	14.7%

NON-OFFERED ELIGIBLE VERTICAL INTEREST

CLASS	Fitch/KBRA/S&P	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY
RRI	NR/NR/NR	81.713	N/A	9.60	N/A	N/A

COLLATERAL SUMMARY

INITIAL POOL BALANCE:	$1,634,271,868
NUMBER OF LOANS:	77
NUMBER OF PROPERTIES:	97
WA CUT-OFF LTV:	51.5%
WA BALLOON LTV:	50.5%
WA U/W NCF DSCR:	3.56x
WA U/W NOI DEBT YIELD:	13.8%
WA MORTGAGE RATE:	3.433%
TOP TEN LOANS %:	48.3%
WA REM TERM TO MATURITY (MOS):	116
WA REM AMORTIZATION TERM (MOS):	374
WA SEASONING (MOS):	2

LOAN SELLERS:	MSMCH(33.8%), BANA(31.8%),
	WFB(27.6%), NCB(6.7%)

TOP 3 PROPERTY TYPES:	OFFICE(38.7%), MULTIFAMILY(20.9%),
	HOSPITALITY(17.8%)

TOP 5 STATES:	NY(33.5%), CA(17.8%), NV(7.1%),
	TX(6.5%), NJ(5.0%)

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 JANUARY 27, 2020
ANTICIPATED SETTLEMENT:	FEBRUARY 13, 2020

THIRD PARTY PASSWORDS: NAME PW BBG/Trepp BANK 2020-BN25 BNK25 Intex BNK20B25 1f5tjie1hhn0m8r27ok0z

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.

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 may 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. This chat will be retained and may be monitored.