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Wells Fargo Commercial Mortgage Trust 2021-C59

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Wells Fargo Commercial Mortgage Trust 2021-C59 Presale: Wells Fargo Commercial Mortgage Trust 2021-C59 April 19, 2021 PRIMARY CREDIT ANALYST Preliminary Ratings Robert F. McFadden III New York Class(i) Preliminary rating Preliminary amount ($) Credit Enhancement (%) + 1 (212) 438-0353 A-1 AAA (sf) 20,628,000 30.000 robert.mcfadden @spglobal.com A-2 AAA (sf) 16,497,000 30.000 SECONDARY CONTACT A-3 AAA (sf) 23,471,000 30.000 Samson Joy A-SB AAA (sf) 24,310,000 30.000 New York A-4(ii) AAA (sf) TBD(iii) 30.000 + 1 (212) 438-3107 samson.joy A-4-1(ii) AAA (sf) 0 30.000 @spglobal.com A-4-2(ii) AAA (sf) 0 30.000 A-4-X1(ii) AAA (sf) 0(iv) N/A A-4-X2(ii) AAA (sf) 0(iv) N/A A-5(ii) AAA (sf) TBD(iii) 30.000 A-5-1(ii) AAA (sf) 0 30.000 A-5-2(ii) AAA (sf) 0 30.000 A-5-X1(ii) AAA (sf) 0(iv) N/A A-5-X2(ii) AAA (sf) 0(iv) N/A X-A AAA (sf) 553,951,000(iv) N/A X-B A- (sf) 131,563,000(iv) N/A A-S(ii) AAA (sf) 54,405,000 23.125 A-S-1(ii) AAA (sf) 0 23.125 A-S-2(ii) AAA (sf) 0 23.125 A-S-X1(ii) AAA (sf) 0(iv) N/A A-S-X2(ii) AAA (sf) 0(iv) N/A B(ii) AA (sf) 39,567,000 18.125 B-1(ii) AA (sf) 0 18.125 B-2(ii) AA (sf) 0 18.125 B-X1(ii) AA (sf) 0(iv) N/A B-X2(ii) AA (sf) 0(iv) N/A www.standardandpoors.com April 19, 2021 1 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2631157 on the last page. Presale: Wells Fargo Commercial Mortgage Trust 2021-C59 Preliminary Ratings (cont.) Class(i) Preliminary rating Preliminary amount ($) Credit Enhancement (%) C(ii) A- (sf) 37,590,000 13.375 C-1(ii) A- (sf) 0 13.375 C-2(ii) A- (sf) 0 13.375 C-X1(ii) A- (sf) 0(iv) N/A C-X2(ii) A- (sf) 0(iv) N/A X-D(v) NR 43,524,000(iv) N/A X-F(v) NR 20,773,000(iv) N/A D(v) NR 24,729,000 10.250 E(v) NR 18,795,000 7.875 F(v) NR 20,773,000 5.250 G-RR(vi) NR 8,902,000 4.125 H-RR(vi) NR 32,643,065 0.000 VRR interest(vii) NR 34,699,495 N/A Note: This presale report is based on information as of April 19, 2021. The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. (i)The certificates will be issued to qualified institutional buyers according to Rule 144A of the Securities Act of 1933. (ii)Any individual class A-4 certificate can be surrendered for either a class A-4-1 certificate and a class A-4-X1 certificate or a class A-4-2 certificate and a class A-4-X2 certificate, any individual class A-5 certificate can be surrendered for either a class A-5-1 certificate and a class A-5-X1 certificate or a class A-5-2 certificate and a class A-5-X2 certificate, any individual class A-S certificate can be surrendered for either a class A-S-1 certificate and a class A-S-X1 certificate or a class A-S-2 certificate and a class A-S-X2 certificate, any individual class B certificate can be surrendered for either a class B-1 certificate and a class B-X1 certificate or a class B-2 certificate and a class B-X2 certificate, and any individual class C certificate can be surrendered for either a class C-1 certificate and a class C-X1 certificate or a class C-2 certificate and a class C-X2 certificate, and vice versa. (iii)The final balances of the class A-4 and A-5 certificates will be determined at final pricing. The certificates in aggregate will have a total balance of $489,607 million, subject to a variance of plus or minus 5.0%. The class A-4 certificates are expected to have a balance between $50.0 million and $489.607 million, and the A-5 certificates are expected to have a balance between $249.607 million and $439.607 million, subject to a variance of plus or minus 5.0%. (iv)Notional balance. The notional amount of the class A-4-X1 and class A-4-X2 will equal the A-4-1 and A-4-2 certificate balances, respectively. The notional amount of the class A-5-X1 and class A-5-X2 certificates will equal the class A-5-1 and class A-5-2 certificate balances, respectively. The notional amount of the X-A certificates will be equal to the aggregate certificate balance of the class A-1, A-2, A-SB, A-3, A-4, and A-5 certificates. The notional amount of the class A-S-X1 and class A-S-X2 certificates will equal the class A-S-1 and class A-S-2 certificate balances, respectively. The notional amount of the class B-X1 and class B-X2 certificates will equal the class B-1 and B-2 certificate balances, respectively. The notional amount of the class C-X1 and class C-X2 certificates will equal the class C-1 and C-2 certificate balances, respectively. The notional amount of the X-B certificates will be equal to the aggregate balance of the class A-S, B, and C certificates. The notional amount of the X-D certificates will be equal to the aggregate balance of the class D and E certificates. The notional amount of the X-F certificates will be equal to the aggregate balance of the class F certificates. (v)Non-offered certificates. (vi)Non-offered horizontal risk retention (HRR) certificates. (vii)Non-offered vertical risk retention (VRR) interest. NR--Not rated. TBD--To be determined. N/A--Not applicable. Profile Expected closing May 5, 2021. date Collateral Sixty-three commercial mortgage loans with an aggregate principal balance of $826.053 million ($715.568 million of offered certificates), secured by the fee and leasehold interests in 99 properties across 28 states. S&P Global 94.5% (based on S&P Global Ratings' NCF and weighted average capitalization rate of 8.19%). Ratings pooled trust LTV S&P Global 2.22x (based on S&P Global Ratings' NCF and the actual debt service payable on the mortgage loans). Ratings pooled trust DSC www.standardandpoors.com April 19, 2021 2 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2631157 on the last page. Presale: Wells Fargo Commercial Mortgage Trust 2021-C59 Profile (cont.) S&P Global 9.43% (based on S&P Global Ratings' NCF and the loan balances for the mortgage loans). Ratings pooled trust debt yield Payment The transaction is structured to comply with risk retention requirements by way of an eligible vertical and structure horizontal residual interest, which includes the class G-RR and H-RR certificates. The VRR interest provides credit support only to the limited extent that it is allocated a portion of any losses incurred on the underlying mortgage loans. These losses are allocated between the VRR interest and the certificates, pro rata, according to their respective percentage allocation entitlements. The total required credit risk retention percentage for this transaction is 5.0%. On each distribution date, interest accrued for each class of certificates at the applicable pass-through rate will be distributed in the following priority, if funds are available: to the class A-1, A-2, A-3, A-SB, X-A, X-B, A-4, A-4-X1, A-4-X2, A-5, A-5-X1, A-5-X2, X-D, and X-F certificates, pro rata, based on their respective entitlements to interest for that distribution date, and then to the class A-S, A-S-X1, and A-S-X2 certificates, pro rata, then to the class B, B-X1 and B-X2 certificates, pro rata, then to the class C, C-X1, and C-X2 certificates, pro rata, then class D, then class E, then class F, then class G-RR, and then class H-RR, until interest payable to each class is paid in full. Principal payments on the certificates will be distributed to the class A-SB certificates until their balance is reduced to the planned certificate balance for that distribution date, and then sequentially to the class A-1, A-2, A-3, A-SB, A-4, A-5, A-S, B, C, D, E, F, G-RR, and H-RR certificates until each class' balance is reduced to zero. If the class A-S through H-RR certificates' total balance has been reduced to zero, principal payments on the certificates will be distributed to the class A-1, A-2, A-3, A-SB, A-4, and A-5 certificates, pro rata, based on each class' certificate balance. Principal distributions applied to the class A-4, A-5, A-S, B, or C certificates will be allocated to the corresponding classes of exchangeable certificates pro rata.
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