FWP 1 n1838_publiclaunch-x9.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-226486-10
     

NEW ISSUE CMBS: BANK 2019-BNK22 *PUBLIC LAUNCH*

BANK 2019-BNK22 - PUBLIC NEW ISSUE
**PUBLIC LAUNCH** $1,014.989MM FIXED-RATE CMBS OFFERING

 

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

OFFERED CERTIFICATES - PUBLIC

CLASS DBRS/Fitch/S&P SIZE($MM) C/E WAL CUM LTV NOI DY LAUNCH
A-1 AAA(sf)/AAAsf/AAA(sf) 16.733 30.000% 2.56 37.0% 16.5% IS+42
A-2 AAA(sf)/AAAsf/AAA(sf) 6.119 30.000% 4.92 37.0% 16.5% IS+80
A-SB AAA(sf)/AAAsf/AAA(sf) 19.728 30.000% 7.40 37.0% 16.5% IS+80
A-3 AAA(sf)/AAAsf/AAA(sf) 306.500 30.000% 9.80 37.0% 16.5% IS+90
A-4 AAA(sf)/AAAsf/AAA(sf) 450.348 30.000% 9.91 37.0% 16.5% IS+92
A-S AAA(sf)/AAAsf/AA+(sf) 117.060 19.750% 9.92 42.4% 14.4% IS+115
B AAA(sf)/AA-sf/NR 48.536 15.500% 9.92 44.7% 13.6% IS+135
C AA(sf)/A-sf/NR 49.965 11.125% 9.92 47.0% 13.0% IS+175

 

*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 A(low)(sf)/BBB-sf/NR 54.247 N/A N/A N/A N/A
D A(sf)/BBBsf/NR 31.406 8.375% 10.00 48.4% 12.6%
E BBB(high)(sf)/BBB-sf/NR 22.841 6.375% 10.00 49.5% 12.3%

 

NON-OFFERED ELIGIBLE VERTICAL INTEREST

CLASS DBRS/Fitch/S&P SIZE($MM) C/E WAL CUM LTV NOI DY
RRI NR/NR/NR 60.107 N/A 9.72 N/A N/A
             

 

COLLATERAL SUMMARY

 

INITIAL POOL BALANCE: $1,202,148,724
NUMBER OF LOANS: 58
NUMBER OF PROPERTIES: 131
WA CUT-OFF LTV: 52.9%
WA BALLOON LTV: 51.5%
WA U/W NCF DSCR: 2.90x
WA U/W NOI DEBT YIELD: 11.5%
WA MORTGAGE RATE: 3.483%
TOP TEN LOANS %: 60.7%
WA REM TERM TO MATURITY (MOS): 118
WA REM AMORTIZATION TERM (MOS): 359
WA SEASONING (MOS): 1
LOAN SELLERS: BANA(34.7%), WFB(29.4%), MSMCH(28.5%), NCB(7.4%)
TOP 3 PROPERTY TYPES: OFFICE(38.2%), MULTIFAMILY(19.3%), RETAIL(14.3%)
TOP 5 STATES: NY(31.4%), CA(22.4%), FL(8.2%), DC(7.4%), TX(4.4%)
MASTER SERVICERS: WELLS FARGO BANK, NATIONAL ASSOCIATION AND NATIONAL COOPERATIVE BANK, N.A.
SPECIAL SERVICERS: KEYBANK NATIONAL ASSOCIATION AND NATIONAL COOPERATIVE BANK, N.A.
DIRECTING CERTIFICATEHOLDER: ELLINGTON MANAGEMENT GROUP, LLC
DOCUMENTS & TIMING  
TERM SHEET, ANNEX A-1: ATTACHED
PROSPECTUS: ATTACHED
PRESALE REPORTS: TODAY & TOMORROW
ANTICIPATED PRICING: TODAY @ 1:30PM
ANTICIPATED SETTLEMENT: NOVEMBER 15, 2019
   
THIRD PARTY PASSWORDS:  
Name PW  
BBG/Trepp BANK 2019-BN22 BANK22
Intex BNK19B22 k8ev9mrejr6nd7pc
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. 333-226486) 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.