0001539497-23-002034.txt : 20231129 0001539497-23-002034.hdr.sgml : 20231129 20231129115424 ACCESSION NUMBER: 0001539497-23-002034 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20231129 DATE AS OF CHANGE: 20231129 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BANK5 2023-5YR4 CENTRAL INDEX KEY: 0001996001 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: 333-257991-08 FILM NUMBER: 231450095 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 n3807_x12.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-257991-08

From: Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 11/29/23 10:17:41 UTC-5:00
Subject: BANK5 2023-5YR4 - PUBLIC NEW ISSUE **PRICE GUIDANCE**

BANK5 2023-5YR4 - PUBLIC NEW ISSUE **PRICE GUIDANCE**

$658.55MM FIXED-RATE CMBS OFFERING

CO-LEAD MANAGERS
& JOINT BOOKRUNNERS:	WELLS FARGO SECURITIES, LLC
	MORGAN STANLEY & CO. LLC
	BOFA SECURITIES, INC.
	J.P. MORGAN SECURITIES 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	GUID
A-2-1*	AAAsf/AAA(sf)/AAA(sf)	125.000	30.000%	4.52	37.4%	19.3%	A3-3bp
A-3*	AAAsf/AAA(sf)/AAA(sf)	320.886	30.000%	4.87	37.4%	19.3%	J+152A
X-A	AAAsf/AAA(sf)/NR	587.857	N/A	N/A	N/A	N/A
A-S	AAAsf/AAA(sf)/AA-(sf)	66.971	21.000%	4.95	42.2%	17.1%	J+240A
B	AA-sf/AA(sf)/NR	38.136	15.875%	4.99	44.9%	16.1%	J+300A
C	A-sf/A(sf)/NR	32.556	11.500%	4.99	47.3%	15.3%	J+505A

NON-OFFERED CERTIFICATES - PRIVATE (144A)

CLASS	FITCH/KBRA/S&P	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY
A-2-2*	AAAsf/AAA(sf)/AAA(sf)	75.000	30.000%	4.52	37.4%	19.3%
X-D	BBBsf/BBB+(sf)/NR	16.705	N/A	N/A	N/A	N/A
D	BBBsf/BBB+(sf)/NR	16.705	9.255%	4.99	48.5%	14.9%

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

NON-OFFERED ELIGIBLE HORIZONTAL INTEREST

CLASS	FITCH/KBRA/S&P	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY
E-RR	BBB-sf/BBB(sf)/NR	9.339	8.000%	4.99	49.1%	14.7%
F-RR	BB+sf/BBB(sf)/NR	7.441	7.000%	4.99	49.7%	14.5%
G-RR	BB-sf/BB+(sf)/NR	11.162	5.500%	4.99	50.5%	14.3%
J-RR	B-sf/B+(sf)/NR	11.162	4.000%	4.99	51.3%	14.1%
K-RR	NR/NR/NR	29.765	0.000%	4.99	53.4%	13.5%

COLLATERAL SUMMARY

INITIAL POOL BALANCE:	$744,123,334
NUMBER OF LOANS:	27
NUMBER OF PROPERTIES:	63
WA CUT-OFF LTV:	53.4%
WA BALLOON LTV:	53.4%
WA U/W NCF DSCR:	1.63x
WA U/W NOI DEBT YIELD:	13.5%
WA MORTGAGE RATE:	7.5541%
TOP TEN LOANS %:	66.5%
WA REM TERM TO MATURITY (MOS):	58
WA REM AMORTIZATION TERM (MOS):	NAP
WA SEASONING (MOS):	2

LOAN SELLERS:	MSMCH (41.5%), WFB (20.6%), BANA (18.8%), JPMCB (16.4%), WFB/JPMCB (2.7%)

TOP 3 PROPERTY TYPES:	RETAIL (41.8%), HOSPITALITY (25.0%), OFFICE (12.3%)

TOP 5 STATES:	TX (27.3%), CA (16.7%), CT (11.0%), GA (8.5%), NY (5.2%)

MASTER SERVICER:	WELLS FARGO BANK, NATIONAL ASSOCIATION
SPECIAL SERVICER:	KEYBANK NATIONAL ASSOCIATION

DIRECTING CERTIFICATEHOLDER:	LD III Sub XV, LLC

DOCUMENTS & TIMING
TERM SHEET, ANNEX A-1:	ATTACHED
PRELIM PROSPECTUS:	ATTACHED
PRESALE REPORTS:	AVAILABLE
ANTICIPATED PRICING:	WEEK OF December 4, 2023
ANTICIPATED SETTLEMENT:	December 19, 2023

THIRD PARTY PASSWORDS:

BBG and Trepp:

Dealname: BANK5 2023-5YR4

Password: BANK20235YR4

Intex:

Dealname: BK5235Y4

Password: grndg791uhvisp9qz

To participate in the Conference Call, register using

the link or the button below to:

Registration Link:

https://www.netroadshow.com/events/login?show=64a25046

&confId=58172

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. This chat will be retained and may be monitored.