FWP 1 n1311_x10-priceguidance.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-206677-26
     

 

 

BANK 2018-BNK13 - PUBLIC NEW ISSUE

**PRICE GUIDANCE** $801.676MM FIXED-RATE CMBS OFFERING

 

CO-LEAD MANAGERS  
& JOINT BOOKRUNNERS: WELLS FARGO SECURITIES, LLC
  MORGAN STANLEY & CO. LLC
  BOFA MERRILL LYNCH
   
CO-MANAGER: ACADEMY SECURITIES, INC.
  DREXEL HAMILTON

 

OFFERED CERTIFICATES - PUBLIC

CLASS DBRS/FITCH/S&P SIZE($MM) C/E WAL GUIDANCE
A-1 AAA(sf)/AAAsf/AAA(sf) 63.326 30.000% 2.49 IS+ 30A
A-2 AAA(sf)/AAAsf/AAA(sf) 73.996 30.000% 4.84 IS+ 43A
A-3 AAA(sf)/AAAsf/AAA(sf) 9.903 30.000% 8.75 N/A
A-SB AAA(sf)/AAAsf/AAA(sf) 35.858 30.000% 6.74 IS+ 73A
A-4* AAA(sf)/AAAsf/AAA(sf) 200.000 30.000% 9.78 N/A
A-5* AAA(sf)/AAAsf/AAA(sf) 244.803 30.000% 9.90 IS+ 87A
A-S AAA(sf)/AAAsf/AA+(sf) 86.334 20.375% 9.95 IS+ 110A
B AA(sf)/AA-sf/AA-(sf) 49.334 14.875% 9.95 IS+ 125A
C A(low)(sf)/A-sf/NR 38.122 10.625% 9.95 IS+ 160A

 

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

 

NON-OFFERED CERTIFICATES - PRIVATE (144A)

CLASS DBRS/FITCH/S&P SIZE($MM) C/E WAL CUM LTV NOI DY
X-D BBB(sf)/BBB-sf/NR 41.485 N/A N/A N/A N/A
D BBB(low)(sf)/BBB-sf/NR 41.485 6.000% 9.99 51.2% 14.1%

 

NON-OFFERED ELIGIBLE VERTICAL INTEREST

CLASS DBRS/FITCH/S&P SIZE($MM) C/E WAL CUM LTV NOI DY
RR NR/NR/NR 47.209 N/A 8.81 N/A N/A

 

COLLATERAL SUMMARY  
   
INITIAL POOL BALANCE: $944,189,953
NUMBER OF LOANS: 62
NUMBER OF PROPERTIES: 80
WA CUT-OFF LTV: 54.4%
WA BALLOON LTV: 48.3%
WA U/W NCF DSCR: 2.28x
WA U/W NOI DEBT YIELD: 13.3%
WA MORTGAGE RATE: 4.557%
TOP TEN LOANS %: 57.2%
WA REM TERM TO MATURITY (MOS): 110
WA REM AMORTIZATION TERM (MOS): 299
WA SEASONING (MOS): 2
   
LOAN SELLERS: MSMCH(31.7%), BANA(31.3%), WFB(29.9%), NCB(7.1%)
   
TOP 3 PROPERTY TYPES: OFFICE(37.7%), RETAIL(34.6%), MULTIFAMILY(11.1%)
   
TOP 5 STATES: NY(29.0%), CA(11.7%), FL(10.5%), NV(7.2%), OH(5.9%)
   
MASTER SERVICERS: WELLS FARGO BANK, NATIONAL ASSOCIATION AND NATIONAL COOPERATIVE BANK, N.A.
   
SPECIAL SERVICERS: TORCHLIGHT LOAN SERVICES, LLC AND NATIONAL COOPERATIVE BANK, N.A.
   
DIRECTING CERTIFICATEHOLDER: TORCHLIGHT INVESTORS, LLC
   
DOCUMENTS & TIMING  
 TERM SHEET, ANNEX A-1: ATTACHED
 PROSPECTUS: ATTACHED
 PRESALE REPORTS: AVAILABLE
 ANTICIPATED PRICING: WEEK OF JULY 23, 2018
 ANTICIPATED SETTLEMENT: AUGUST 2, 2018
   
ROADSHOW  
 HARTFORD, BREAKFAST: WED, 7/18 @ 8:30AM ET, MAX DOWNTOWN RESTAURANT
 BOSTON, LUNCH: WED, 7/18 @ 12:00PM ET, RITZ CARLTON
 MINNEAPOLIS, BREAKFAST: THURS, 7/19 @ 7:30AM CT, KIMPTON GRAND HOTEL
 DES MOINES, LUNCH: THURS, 7/19 @ 1:00PM CT, THE DES LUX HOTEL
   
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. 333-206677) 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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