SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


        Date of Report (Date of earliest event reported): April 27, 2006
                                                          --------------

                            BellaVista Capital, Inc.
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


          Maryland                    0-30507                    94-3324992
- --------------------------------------------------------------------------------
(State or other jurisdiction        (Commission                (IRS Employer
       of incorporation)            File Number)             Identification No.)


               420 Florence Street, Suite 200, Palo Alto, CA 94301
- --------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)


       Registrant's telephone number, including area code: (650) 328-3060
                                                           --------------


                                       N/A
    -------------------------------------------------------------------------
          (Former name or former address, if changed since last report)






Item 7.01  Regulation FD Disclosure.

On April 27, 2006, the registrant mailed a letter dated April 27, 2006, to its
shareholders. A copy of the letter is attached to this report as Exhibit 20.1.

The letter attached to this report as Exhibit 20.1 contains forward-looking
statements. All statements other than statements of historical fact may be
forward-looking statements. These include statements regarding the registrant's
future financial results, operating results, business strategies, projected
costs and capital expenditures, products, competitive positions, and plans and
objectives of management for future operations. Forward-looking statements may
be identified by the use of words such as "may," "will," "should," "expect,"
"plan," anticipate," "believe," "estimate," "predict," "intend" and "continue,"
or the negative of these terms, and include the assumptions that underlie such
statements. The registrant's actual results could differ materially from those
expressed or implied in these forward-looking statements as a result of various
risks and uncertainties, including those set forth in the registrant's most
recent annual report on Form 10-K in the section entitled "Item 7: Management's
Discussion and Analysis of Financial Condition and Results of Operations -
General Risks Related to Construction Mortgage Lending" and " - Specific Risks
of Investment in Our Securities." All forward-looking statements in the letter
attached to this report are based on information available to the registrant as
of the date hereof and the registrant assumes no obligation to update any such
statements.

Item 9.01.      Financial Statements and Exhibits


Exhibit 20.1    Letter to Shareholders dated April 27, 2006


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Dated:   April 27, 2006         BellaVista Capital, Inc.



                                By:      /s/ MICHAEL RIDER
                                         --------------------------------
                                         Michael Rider, Chief Executive Officer