The first commercial mortgage-backed securitisation transaction of 2014 was launched earlier this week. It is a unique transaction both structurally and asset wise, according to RML Advisory, which advised Think Tank on its inaugural CMBS of A$114 million, the first for the Australian market this year.Standard & Poor's have assigned ratings to the seven classes of small-ticket commercial mortgage-backed securities issued by Think Tank, a specialist commercial property lender with almost $400 million in first mortgage loans on its books.The transaction, to be known as the Think Tank Series 2014-1 Trust, is a securitisation of commercial property loans to small and medium-size enterprises originated by Think Tank Group. Among comments made by S&P in a pre-sale media release are that the various mechanisms to support liquidity within the transaction, including a liquidity facility equal to four per cent of the outstanding balance of the notes, and principal draws, are sufficient under S&P's stress assumptions to ensure timely payment of interest.Other features are the availability of a yield reserve, to be built up from excess spread in the first two years, to a limit of A$1.0 million, and which will be made available to meet senior expenses and interest shortfalls on the class A notes.An extraordinary expense reserve of A$250,000, which is to be funded by Think Tank, will be available to meet extraordinary expenses. The reserve, if drawn, will be topped up via excess spread.There is an interest-rate swap agreement with Commonwealth Bank of Australia to hedge any receipts from fixed-rate mortgage loans against the floating-rate obligations of the trust.