Exhibit (a)(4)







[Published April 9, 2001 in The Wall Street Journal]
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This announcement is neither an offer to buy nor a solicitation of an offer to
sell Shares. The Offer is being made solely by the formal Offer to Purchase
forwarded to Share holders of record and is not being made to, nor will tenders
be accepted from or on behalf of, Share holders residing in any jurisdiction in
which making or accepting the Offer would violate that jurisdiction's laws. In
those jurisdictions where the securities, blue sky or other laws require the
Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be
made on behalf of Purchaser only by one or more registered dealers licensed
under the laws of such jurisdiction.

                      Notice of Offer to Purchase for Cash
       up to 296,948 Shares of Common Stock $0.01 par value ("Shares") of
 CAPITAL ALLIANCE INCOME TRUST LTD., A REAL ESTATE INVESTMENT TRUST, a Delaware
         limited Trust (the "Trust") at a price of $4.50 per Share, by:
                SUTTER OPPORTUNITY FUND 2, LLC (the "Purchaser")

The Purchaser is offering to purchase for cash up to 296,948 Shares held by the
Share holders of CAPITAL ALLIANCE INCOME TRUST LTD., A REAL ESTATE INVESTMENT
TRUST (the "Trust") at $4.50 per Share upon the terms and subject to the
conditions set forth in Purchaser's Offer to Purchase and in the related Letter
of Transmittal (which together constitute the "Offer" and the "Tender Offer
Documents").

THE OFFER AND WITHDRAWAL RIGHTS EXPIRE AT 12:00 MIDNIGHT, PACIFIC DAYLIGHT TIME,
ON May 4, 2001, UNLESS THE OFFER IS EXTENDED.

Funding for the purchase of the Shares will be provided through the Purchaser's
existing working capital. The Offer is not made for the purpose of acquiring or
influencing control of the business of the issuer. The Offer will expire at
12:00 midnight, Pacific Standard Time on May 4, 2001, unless and until
Purchaser, in its sole discretion, shall have extended the period of time for
which the Offer is open (such date and time, as extended the "Expiration Date").
The Purchaser will not provide a subsequent offering period following the
Expiration Date. If Purchaser makes a material change in the terms of the Offer,
or if it waives a material condition to the Offer, Purchaser will extend the
Offer and disseminate additional tender offer materials to the extent required
by Rules 14d-4(c) and 14d-6(d) under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The minimum period during which an offer must
remain open following any material change in the terms of the Offer, other than
a change in price or a change in percentage of securities sought or a change in
any dealer's soliciting fee, will depend upon the facts and circumstances
including the materiality of the change with respect to a change in price or,
subject to certain limitations, a change in the percentage of securities ought
or a change in any dealer's soliciting fee. A minimum of ten business days from
the date of such change is generally required to allow for adequate
dissemination to Share holders. Accordingly, if prior to the Expiration Date,
Purchaser increases (other than increases of not more than two percent of the
outstanding Shares) or decreases the number of Shares being sought, or increases
or decreases the consideration offered pursuant to the Offer, and if the Offer
is scheduled to expire at any time earlier than the period ending on the tenth
business day from the date that notice of such increase or decrease is first
published, sent or given to Share holders, the Offer will be extended at least
until the expiration of such ten business days. For purposes of the Offer, a
"business day" means any day other than a Saturday, Sunday or federal holiday
and consists of the time period from 12:01 a.m. through 12:00 midnight, Pacific
Standard Time. In all cases payment for the Shares purchased pursuant to the
Offer will be made only after timely receipt of the Letters of Transmittal (or
facsimiles thereof), properly completed and duly executed, with any required
signature guarantees, and any other documents required by such Letters of
Transmittal.

Tenders of Shares made pursuant to the Offer are irrevocable, except that Share
holders who tender their Shares in response to the Offer will have the right to
withdraw their tendered Shares at any time prior to the Expiration Date by
sending to the Depositary, North Coast Securities, Inc., a written or facsimile
transmission notice of withdrawal identifying the name of the person who
tendered Shares to be withdrawn, signed by the same persons and in the same
manner as the Letter of Transmittal tendering the Shares to be withdrawn. In
addition, tendered Shares may be withdrawn at any time on or after June 8, 2001,
unless the tender has theretofore been accepted for payment as provided above.
If tendering Share holders tender more than the number of Shares that Purchaser
seeks to purchase pursuant to the Offer, Purchaser will take into account the
number of Shares so tendered and take up and pay for as nearly as may be pro
rata, disregarding fractions, according to the number of Shares tendered by each
tendering Share holder during the period during which the Offer remains open.
The terms of the Offer are more fully set forth in the formal Tender Offer
Documents which are available from Purchaser at the Purchaser's expense. The
Offer contains terms and conditions and the information required by Rule
14d-6(d)(1) under the Exchange Act which are incorporated herein by reference.

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The Tender Offer Documents contain important information which should be read
carefully before any decision is made with respect to the Offer.

     The Tender Offer Documents may be obtained by written request to Purchaser
or as set forth below. A request has been made to the Trust pursuant to Rule
14d-5 under the Exchange Act for the use of its list of Share holders for the
purpose of disseminating the Offer to Share holders. Upon compliance by the
Trust with such request, the Tender Offer Documents and, if required, other
relevant materials will be mailed at the Purchaser's expense to record holders
of Shares, brokers, banks and similar persons whose names appear or whose
nominee appears on the list of securities holders, or persons who are listed as
participants in a clearing agency's security position listing, for subsequent
transmittal to beneficial owners of Shares.

For Copies of the Tender Offer Documents Call Purchaser at 415 777-2140 or Make
a Written Request Addressed to 595 Market Street, Suite 2100, San Francisco,
California 94105.

                                  April 9, 2001
























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