Key Takeaways
- • Rapid Fire Home Buyers co-founders Joseph Back and Eric Martin launched Evergreen Capital Fund LLC, a private real estate income fund targeting $10 million from accredited investors with a promised 10% annualized return paid quarterly.
- • Evergreen Capital operates as a first-lien mortgage lender to residential real estate operators, including Rapid Fire itself, charging borrowers 12–13% interest rates plus origination points; the fund's profit derives from the spread between lending rates and investor returns.
- • The fund structure follows SEC Rule 506(c) regulations, requires a $50,000 minimum investment per accredited investor, and imposes a 12-month lock-up period on capital.
- • Rapid Fire Home Buyers, founded by Back in 2019 and scaled with Martin (a University of Kentucky finance graduate who joined as COO in 2020), has become one of Central Kentucky's largest residential "we buy houses" operations, now expanding into formalized private lending infrastructure.
- • The fund launch arrives amid rising scrutiny regarding investor-driven housing cost pressures in Central Kentucky's residential real estate market.
Summary
Rapid Fire Home Buyers founders Joseph Back and Eric Martin announced the launch of Evergreen Capital Fund LLC on February 15, 2026, marking a strategic expansion from their core wholesale home-buying business into institutionalized private lending. The fund targets $10 million in committed capital from accredited investors and promises a 10% annualized return distributed quarterly, with a $50,000 minimum investment threshold and a 12-month capital lock-up requirement.
Structurally, Evergreen Capital operates as a first-lien residential mortgage lender, originating short-term loans to real estate operators—including Rapid Fire Home Buyers itself—at interest rates spanning 12% to 13% plus origination points. The fund's revenue model captures the spread differential between borrowing costs charged to operators and the fixed 10% return paid to passive investors. The fund is registered under SEC Rule 506(c), permitting it to solicit accredited investors through general advertising while maintaining the exemption from full SEC registration.
In their fundraising communications, Back and Martin positioned Evergreen Capital as a conservative, income-focused vehicle rather than a speculative play, emphasizing "clarity, conservative strategy, and predictable income" in a Sunday morning email blast to their contact network. This messaging appears calibrated to address institutional investor expectations around transparency and risk management in private credit structures.
Rapid Fire Home Buyers itself has achieved significant scale since its 2019 founding by Back. Martin, a University of Kentucky finance graduate, joined the firm as chief operating officer in 2020 after relocating from Alabama, accelerating the company's institutional development. The shift from pure wholesaling into formalized lending capital infrastructure reflects a broader maturation of the business model and signals confidence in the durability of Central Kentucky's residential real estate market.
The fund's launch arrives amid ongoing discussion regarding the macroeconomic impact of investor-driven home acquisitions on regional housing availability and affordability, a dynamic that market participants and policymakers in Central Kentucky are actively monitoring.
Structurally, Evergreen Capital operates as a first-lien residential mortgage lender, originating short-term loans to real estate operators—including Rapid Fire Home Buyers itself—at interest rates spanning 12% to 13% plus origination points. The fund's revenue model captures the spread differential between borrowing costs charged to operators and the fixed 10% return paid to passive investors. The fund is registered under SEC Rule 506(c), permitting it to solicit accredited investors through general advertising while maintaining the exemption from full SEC registration.
In their fundraising communications, Back and Martin positioned Evergreen Capital as a conservative, income-focused vehicle rather than a speculative play, emphasizing "clarity, conservative strategy, and predictable income" in a Sunday morning email blast to their contact network. This messaging appears calibrated to address institutional investor expectations around transparency and risk management in private credit structures.
Rapid Fire Home Buyers itself has achieved significant scale since its 2019 founding by Back. Martin, a University of Kentucky finance graduate, joined the firm as chief operating officer in 2020 after relocating from Alabama, accelerating the company's institutional development. The shift from pure wholesaling into formalized lending capital infrastructure reflects a broader maturation of the business model and signals confidence in the durability of Central Kentucky's residential real estate market.
The fund's launch arrives amid ongoing discussion regarding the macroeconomic impact of investor-driven home acquisitions on regional housing availability and affordability, a dynamic that market participants and policymakers in Central Kentucky are actively monitoring.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.