IMB will pay 185 basis points over the one-month bank bill swap rate for funding through an issue of commercial mortgage securities.IMB raised A$202 million through the CMBS issue, its first since 2007. The issue, Illawarra Series 2011-1 CMBS Trust, was priced on Tuesday.The $167.1 million top tranche, which has a weighted average life of 3.6 years, was priced at 185 basis points over the swap rate. Pricing on the other six tranches was not disclosed.In July, Liberty Financial completed a $240 million CMBS transaction, priced at a margin of 215 basis points over swap for the top tranche and 265 basis points for the A2 tranche.The loans backing the notes are small commercial mortgages. The portfolio has a weighted average seasoning of 43 months and a weighted average loan-to-valuation ratio of 63.4 per cent. Forty eight per cent of the properties are industrial, 24 per cent are offices, 21 per cent are retail and five per cent are retail.