Wells Fargo (WFC) is planning to embark on its twelfth commercial mortgage-backed securitization deal of the year.

The banking giant is bringing WFCM Commercial Mortgage Trust 2013-LC12 to the market, with an unpaid principal balance of $1.41 billion.

Fitch Ratings pre-rated the deal, with the majority of the tranches slated as ‘stable’ and also receiving expected 'AAA' ratings.


The pool consists of 83 commercial loans secured by 150 properties. Additionally, this transaction has slightly higher leverage than other recent fixed-rated deals.

The pool also is a bit more concentrated by loan size and sponsor when compared to the average transaction in 2012 and the first half of 2013. 

For instance, the top 10 loans represent 56.2% of the pool, higher than the 2012 of 54.2%, Fitch explained.

The pool has nearly a 40% concentration of retail properties, which is higher than the previous deals.

For instance, four of the six largest loans are secured by regional malls, which collectively represent 23.9% of the pool.