FWP 1 n2971_x8-newissue.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-257991-03
     

 

 

From:  Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 02/22/22 08:52:22 UTC-5:00

Subject:  NEW ISSUE CMBS: BANK 2022-BNK40 *PUBLIC ANNOUNCEMENT*

BANK 2022-BNK40 - PUBLIC NEW ISSUE

**ANNOUNCEMENT** $999.012MM FIXED-RATE CMBS OFFERING

 

CO-LEAD MANAGERS  
& JOINT BOOKRUNNERS:   WELLS FARGO SECURITIES, LLC
  BOFA SECURITIES, INC.
  MORGAN STANLEY & CO. LLC
   
CO-MANAGERS: ACADEMY SECURITIES, INC.
  DREXEL HAMILTON, LLC
  SIEBERT WILLIAMS SHANK & CO., 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) 11.750 30.000% 2.90 34.5% 20.1%
A-2 AAAsf/AAA(sf)/AAA(sf) 6.857 30.000% 5.01 34.5% 20.1%
A-SB AAAsf/AAA(sf)/AAA(sf) 20.730 30.000% 7.46 34.5% 20.1%
A-3* AAAsf/AAA(sf)/AAA(sf) 300.000 30.000% 9.81 34.5% 20.1%
A-4* AAAsf/AAA(sf)/AAA(sf) 440.923 30.000% 9.90 34.5% 20.1%
X-A AAAsf/AAA(sf)/AAA(sf) 780.260 N/A N/A N/A N/A
X-B A-sf/AAA(sf)/NR 218.752 N/A N/A N/A N/A
A-S AAAsf/AAA(sf)/AA+(sf) 133.759 18.000% 10.00 40.4% 17.2%
B AA-sf/AA(sf)/AA-(sf) 43.193 14.125% 10.01 42.3% 16.4%
C A-sf/A-(sf)/NR 41.800 10.375% 10.01 44.1% 15.7%

 

*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 45.979 N/A N/A N/A N/A
D BBBsf/BBB+(sf)/NR 26.473 8.000% 10.01 45.3% 15.3%
E BBB-sf/BBB-(sf)/NR 19.506 6.250% 10.01 46.1% 15.0%

 

NON-OFFERED ELIGIBLE VERTICAL INTEREST

CLASS FITCH/KBRA/S&P SIZE($MM) C/E WAL CUM LTV NOI DY
RRI NR/NR/NR ~58.666 N/A 9.76 N/A N/A

 

COLLATERAL SUMMARY

 

INITIAL POOL BALANCE: $1,173,324,212
NUMBER OF LOANS: 70
NUMBER OF PROPERTIES: 102
WA CUT-OFF LTV: 49.2%
WA BALLOON LTV: 47.8%
WA U/W NCF DSCR: 4.00x
WA U/W NOI DEBT YIELD: 14.1%
WA MORTGAGE RATE: 3.4155%
TOP TEN LOANS %: 60.8%
WA REM TERM TO MATURITY (MOS): 118
WA REM AMORTIZATION TERM (MOS):   370
WA SEASONING (MOS): 1
   
LOAN SELLERS: WFB(27.7%), MSMCH(26.9%), BANA(20.6%), WFB/MSMCH(9.4%), WFB/BANA(9.4%), NCB(6.0%)
   
TOP 3 PROPERTY TYPES: OFFICE(35.5%), MULTIFAMILY(32.5%), RETAIL(15.3%)
   
TOP 5 STATES: NY(19.9%), NJ(16.1%), CA(13.0%), KY(7.3%), FL(6.9%)
   
MASTER SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION AND NATIONAL COOPERATIVE BANK, N.A.
   
SPECIAL SERVICER: CWCAPITAL ASSET MANAGEMENT LLC AND NATIONAL COOPERATIVE BANK, N.A.
   
DIRECTING CERTIFICATEHOLDER: ELLINGTON MANAGEMENT GROUP, LLC
   
DOCUMENTS & TIMING  
TERM SHEET, ANNEX A-1: ATTACHED
PRELIM PROSPECTUS: TODAY
PRESALE REPORTS: TODAY/TOMORROW
ANTICIPATED PRICING: WEEK OF FEBRUARY 22, 2022
ANTICIPATED SETTLEMENT: MARCH 10, 2022
   
THIRD PARTY PASSWORDS:
Name PW  
BBG/Trepp BANK 2022-BNK40 2022BN40
Intex BNK22B40 nn549skroc6mpdk4uviu6z
   
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. 333-257991) 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.