0001539497-14-001108.txt : 20140916 0001539497-14-001108.hdr.sgml : 20140916 20140915183925 ACCESSION NUMBER: 0001539497-14-001108 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 0001112998 FILED AS OF DATE: 20140916 DATE AS OF CHANGE: 20140915 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WFRBS Commercial Mortgage Trust 2014-C23 CENTRAL INDEX KEY: 0001618713 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-197550-01 FILM NUMBER: 141104192 BUSINESS ADDRESS: STREET 1: 600 STEAMBOAT RD CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2036252756 MAIL ADDRESS: STREET 1: 600 STEAMBOAT RD CITY: GREENWICH STATE: CT ZIP: 06830 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: RBS COMMERCIAL FUNDING INC. CENTRAL INDEX KEY: 0001112998 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 061565524 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 600 STEAMBOAT RD CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2036252756 MAIL ADDRESS: STREET 1: 600 STEAMBOAT RD CITY: GREENWICH STATE: CT ZIP: 06830 FORMER COMPANY: FORMER CONFORMED NAME: GREENWICH CAPITAL COMMERCIAL FUNDING CORP DATE OF NAME CHANGE: 20000426 FWP 1 n368_fwpx5.htm FREE WRITING PROSPECTUS Unassociated Document
 
   
FREE WRITING PROSPECTUS
   
FILED PURSUANT TO RULE 433
   
REGISTRATION FILE NO.: 333-197550-01
     
 
-----Original Message-----
From: Rbs Abs Syndicate (RBS SECURITIES INC) [mailto:rbsgc.abs@bloomberg.net]
Sent: Monday, September 15, 2014 9:55 AM
Subject: NEW ISSUE CMBS: WFRBS 2014-C23 *PUBLIC ANNOUNCEMENT*

WFRBS COMMERCIAL MORTGAGE TRUST 2014-C23 - PUBLIC NEW ISSUE
**ANNOUNCEMENT** $795.017MM CMBS OFFERING

CO-LEAD MANAGERS & JT BOOKRUNNERS: RBS AND WELLS FARGO SECURITIES
CO-MANAGER: GOLDMAN, SACHS & CO.

OFFERED CERTIFICATES - PUBLIC
CLASS
F/MDY/MSTR
$SIZE(MM)
WAL
C/E
CUM LTV
NOI DY
A-1
AAAsf/Aaa(sf)/AAA
43.360
2.91
30.000%
33.6%
16.3%
A-2
AAAsf/Aaa(sf)/AAA
33.162
5.01
30.000%
33.6%
16.3%
A-3
AAAsf/Aaa(sf)/AAA
  8.500
6.96
30.000%
33.6%
16.3%
A-4
AAAsf/Aaa(sf)/AAA
245.000  
9.86
30.000%
33.6%
16.3%
A-5
AAAsf/Aaa(sf)/AAA
257.750  
9.95
30.000%
33.6%
16.3%
A-SB
AAAsf/Aaa(sf)/AAA
70.822
7.49
30.000%
33.6%
16.3%
A-S
AAAsf/Aa1(sf)/AAA
56.451
9.96
24.000%
36.5%
15.0%
B
AA-sf/Aa3(sf)/AA-
44.691
9.96
19.250%
38.8%
14.2%
C
A-sf/A3(sf)/A-
35.281
9.96
15.500%
40.6%
13.5%
PEX
A-sf/A1(sf)/A-
136.423  
9.96
15.500%
40.6%
13.5%
X-A
AAAsf/NR/AAA
715.045  
N/A
N/A
N/A
N/A
X-B
NR/NR/AAA
156.416  
N/A
N/A
N/A
N/A
NON-OFFERED CERTIFICATES - PRIVATE (144A)
CLASS
F/MDY/MSTR
$SIZE(MM)
WAL
C/E
CUM LTV
NOI DY
D
BBB-sf/NR/BBB-
76.444
9.99
7.375%
44.5%
12.3%

COLLATERAL SUMMARY

CUT-OFF DATE BALANCE:
$940,849,629
NUMBER OF LOANS:
92
NUMBER OF PROPERTIES:
111
WA CUT-OFF LTV:
65.1%
WA BALLOON LTV:
56.8%
WA U/W DSCR:
1.92x
WA U/W NOI DEBT YIELD:
11.4%
WA MORTGAGE RATE:
4.419%
TOP TEN LOANS %:
53.2%
WA TERM TO MATURITY (MOS):
360
WA AMORTIZATION TERM (MOS):   
360
WA SEASONING (MOS):
0
   
LOAN SELLERS:
WFB (56.9%), RBS (19.8%), LIG I (7.9%),
 
C-III (5.4%), BASIS (5.2%), NCB (4.8%)
   
TOP 5 PROPERTY TYPES:
OFFICE (30.5%), RETAIL (25.3%),
 
MIXED USE (13.9%), HOSPITALITY (9.9%),
 
SELF STORAGE (9.6%)
   
TOP 5 STATES:
CA(37.7%), NY(16.0%), TX(7.4%), D.C.(5.1%), FL(4.6%)
   
MASTER SERVICER:
WELLS FARGO BANK, NATIONAL ASSOCIATION AND NCB, FSB
SPECIAL SERVICER:
CWCAPITAL ASSET MANAGEMENT AND NCB, FSB
SUBORDINATE CLASS REP:
AFFILIATES OF RAITH CAPITAL MANAGEMENT, LLC
 
AND ALLIANCEBERNSTEIN L.P
   
DOCUMENTS & TIMING
  
 TERM SHEET, ANNEX A:
AVAILABLE
 PRELIMINARY FWP:
MONDAY 9/15
 PRESALE REPORTS:
EARLY WEEK OF 9/15
 ANTICIPATED PRICING:
LATE WEEK OF 9/15
 ANTICIPATED SETTLEMENT:
SEPTEMBER 30, 2014
   
ROADSHOW
  
 NEW YORK 1x1's:
MON, 9/15
   
 HARTFORD, BREAKFAST:
TUES, 9/16 @ 8:30AM EST, MAX'S DOWNTOWN
 BOSTON, LUNCH:
TUES, 9/16 @ 12:00PM EST, THE LANGHAM
 MINNEAPOLIS, BREAKFAST:
TUES, 9/16 @ 7:30AM CST, GRAND HOTEL MINNEAPOLIS
   
 CONFERENCE CALLS:
UPON DEMAND
   
GLOBAL INVESTOR CALL
  
 PRE-RECORDED:
WWW.NETROADSHOW.COM
 REVIEW CODE :
AVAILABLE MONDAY P.M.

The issuer has filed a registration statement (including a base prospectus) with the SEC for the offering to which this free writing prospectus relates. Before you invest in this offering, you should read the base prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov . Alternatively, RBS Securities Inc. will arrange to send you the base prospectus at no charge if you request it by calling 1-866-884-2071.



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