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.

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