Your Questions, Answered
Clear answers to investor questions on private credit, fund logistics, and California’s real estate-backed opportunities.
About the Fund
What is the Central Mortgage Income Fund (CMIF)?
CMIF is a California-focused private credit fund that originates and acquires short-term, real estate-backed loans. The Fund aims to deliver consistent 8%+ annual yields through monthly distributions, secured by property collateral.
What is a mortgage fund?
A mortgage fund pools investor capital to finance diversified portfolios of property-backed loans. Investors earn returns from borrower interest payments, distributed monthly.
Who manages the Fund?
The Fund is managed by Central Capital, founded by Bay Area property investors Dan and Ben Dianda. Through our affiliated partner Equidy Inc., we have originated and serviced over $110 million in loans with zero investor principal lost.
Who can invest in Central?
The Fund is open exclusively to accredited investors, including high-net-worth individuals, family offices, and institutional allocators.
What is a fund administrator?
A fund administrator is an independent third party that provides financial reporting, accounting, cash management, and compliance support for investment funds. The administrator ensures that performance data, investor reporting, and financial statements are accurate, transparent, and institutionally reliable. At Central, our fund administrator is Armanino, one of the nation’s top accounting and consulting firms. Armanino manages treasury functions, monthly and quarterly reporting, and audit support, giving investors confidence in the accuracy and integrity of all fund records.
What is the Central Mortgage Income Fund (CMIF)?
CMIF is a California-focused private credit fund that originates and acquires short-term, real estate-backed loans. The Fund aims to deliver consistent 8%+ annual yields through monthly distributions, secured by property collateral.
What is a mortgage fund?
A mortgage fund pools investor capital to finance diversified portfolios of property-backed loans. Investors earn returns from borrower interest payments, distributed monthly.
Who manages the Fund?
The Fund is managed by Central Capital, founded by Bay Area property investors Dan and Ben Dianda. Through our affiliated partner Equidy Inc., we have originated and serviced over $110 million in loans with zero investor principal lost.
Who can invest in Central?
The Fund is open exclusively to accredited investors, including high-net-worth individuals, family offices, and institutional allocators.
What is a fund administrator?
A fund administrator is an independent third party that provides financial reporting, accounting, cash management, and compliance support for investment funds. The administrator ensures that performance data, investor reporting, and financial statements are accurate, transparent, and institutionally reliable. At Central, our fund administrator is Armanino, one of the nation’s top accounting and consulting firms. Armanino manages treasury functions, monthly and quarterly reporting, and audit support, giving investors confidence in the accuracy and integrity of all fund records.
Investing
What is the minimum investment?
The minimum initial commitment is $50,000. Larger allocations are welcome, and investors may reinvest distributions for compounding returns.
How often are distributions paid?
Distributions are made monthly, either in cash or automatically reinvested. This structure is designed to provide stable, recurring income.
How long is my investment locked up?
The Fund has a 12-month lock-up period, after which redemption options are available under the Fund’s terms.
Is the Central Mortgage Income Fund a closed fund or evergreen?
The Fund is evergreen, meaning it remains open to new investor commitments on an ongoing basis. Unlike closed-end funds with fixed fundraising periods, Central continually accepts investments and deploys capital into new California real estate-backed loans. This structure allows investors to enter the Fund as opportunities arise while maintaining consistent exposure to our income strategy.
What is the minimum investment?
The minimum initial commitment is $50,000. Larger allocations are welcome, and investors may reinvest distributions for compounding returns.
How often are distributions paid?
Distributions are made monthly, either in cash or automatically reinvested. This structure is designed to provide stable, recurring income.
How long is my investment locked up?
The Fund has a 12-month lock-up period, after which redemption options are available under the Fund’s terms.
Is the Central Mortgage Income Fund a closed fund or evergreen?
The Fund is evergreen, meaning it remains open to new investor commitments on an ongoing basis. Unlike closed-end funds with fixed fundraising periods, Central continually accepts investments and deploys capital into new California real estate-backed loans. This structure allows investors to enter the Fund as opportunities arise while maintaining consistent exposure to our income strategy.
Risk & Protection
How is my investment protected?
All loans are secured by California real estate with conservative loan-to-value (LTV) ratios averaging 65% (75% max). In addition, every loan carries title and hazard insurance, adding layers of protection.
What happens if a borrower defaults?
As senior, first-lien lender, The Fund has direct recourse to the property. Our affiliate, Robil Inc., manages foreclosure and trustee services, ensuring professional oversight and efficient recovery if needed.
Has investor principal ever been lost?
To date, neither Central nor Equidy has recorded a loss of investor principal. Our track record includes over $110 million distributed to investors with a current note default rate below the industry median.
How is my investment protected?
All loans are secured by California real estate with conservative loan-to-value (LTV) ratios averaging 65% (75% max). In addition, every loan carries title and hazard insurance, adding layers of protection.
What happens if a borrower defaults?
As senior, first-lien lender, The Fund has direct recourse to the property. Our affiliate, Robil Inc., manages foreclosure and trustee services, ensuring professional oversight and efficient recovery if needed.
Has investor principal ever been lost?
To date, neither Central nor Equidy has recorded a loss of investor principal. Our track record includes over $110 million distributed to investors with a current note default rate below the industry median.
Private Credit/ Mortgage Debt
What is private lending?
A mortgage fund pools investor capital to finance diversified portfolios of property-backed loans. Investors earn returns from borrower interest payments, distributed monthly.
What’s the difference between mortgage private credit and business private credit?
Mortgage private credit is secured by real estate collateral, offering consistent yields with downside protection. Business private credit typically funds companies directly, secured by cash flow or business assets, and is more correlated to economic cycles.
Why focus on California real estate debt?
California faces a chronic housing shortage — building ~80,000 homes annually when ~180,000 are needed. This creates persistent demand for financing. With bank lending constrained, private credit fills the gap, offering investors steady returns backed by tangible property
What is private lending?
A mortgage fund pools investor capital to finance diversified portfolios of property-backed loans. Investors earn returns from borrower interest payments, distributed monthly.
What’s the difference between mortgage private credit and business private credit?
Mortgage private credit is secured by real estate collateral, offering consistent yields with downside protection. Business private credit typically funds companies directly, secured by cash flow or business assets, and is more correlated to economic cycles.
Why focus on California real estate debt?
California faces a chronic housing shortage — building ~80,000 homes annually when ~180,000 are needed. This creates persistent demand for financing. With bank lending constrained, private credit fills the gap, offering investors steady returns backed by tangible property
Process & Next Steps
How do I invest with Central?
Accredited investors can request our Private Placement Memorandum (PPM) for full details. The process includes verification of accreditation, subscription documentation, and funding via wire transfer.
How do I stay updated on fund performance?
Investors receive monthly and quarterly reporting, managed by our fund administration partner Armanino, with transparency on portfolio activity and distributions.
How do I invest with Central?
Accredited investors can request our Private Placement Memorandum (PPM) for full details. The process includes verification of accreditation, subscription documentation, and funding via wire transfer.
How do I stay updated on fund performance?
Investors receive monthly and quarterly reporting, managed by our fund administration partner Armanino, with transparency on portfolio activity and distributions.