Noble Capital Review: Austin Lender, Form D Funds, Court Record

Which “Noble Capital” this is

Several companies use the name. Noble Capital Markets describes itself as a “FINRA-registered broker-dealer dedicated exclusively to serving public and private middle market companies”; it is a different business and we did not use its records. A full-text search of EDGAR Form D filings for “noble capital” also returns unrelated issuers (Scottsdale, Arizona and Toronto filers among them), which we excluded.

The company this page covers is the one at 9050 N Capital of Texas Hwy, Austin. We tie it to the court record and the SEC filings in three places: the website address, the Form D filings (issuer addresses in Austin, with related-person lines such as “CEO of Noble Capital Group, LLC, Parent Company of Manager”), and the federal orders, which name Noble Capital Group, LLC as the parent of Noble Capital Fund Management, LLC. A 2021 magistrate report describes the fund manager as “a private lender to residential real estate developers in Texas.” Our Loan Ranger Capital review covers a different Austin lender that also runs investor funds; the two are not related as far as these records show.

What Noble does, and what it does not publish for borrowers

Noble's site is written for investors. The home page lists five funds (PLDI, PLFI, REFI, REIFI and PEFI), each described as a “$100 million evergreen offering” with a $100,000 minimum, a 7 to 9% target return, terms of 6 to 24 months and a 3.0% management fee. PL Direct I, the one it calls its flagship, is described as “direct senior-secured loans on residential investment real estate in Texas.” The main menu on November 8, 2026 lists Strategies, Marketplace, REFI, PLDI, News & Insights, About and Contact Us. There is no borrower application page, rate sheet, points schedule or loan-size range for someone who wants to borrow. A borrower has to call the Austin office, so the only borrower-side facts we can document come from the loans it lists for investors.

Those listings are a small, dated sample of what Noble funds. The table is read directly from the eight listing pages on November 8, 2026.

Three readings follow, all from the pages. First, the four new-construction listings do not state an affiliation; the four existing-home listings in Austin all do. The pages carry the disclosure in the same words (“This borrower is a Noble affiliated entity”), which is the right thing to disclose, but it means that on this date about two-thirds of the dollars listed, 63.2% (our arithmetic), were loans to borrowers the lender itself describes as its affiliates. Second, every listing says “Lender Rate: 7-9%” and the pages do not say whether that is the borrower's note rate or the investor's return; the fund pages call 7 to 9% a “target.” If it were the borrower's rate (our arithmetic, a hypothetical), a year of interest on the $395,400 Watts 196 loan would be $27,678 to $35,586, before any points or fees the pages do not mention. Third, the loans are new construction and short renovations in Texas, which is the product described in our Texas hard money loans and hard money rate pages; compare a written term sheet from Noble with at least two others.

Noble's own REFI page also says something about what happens when a loan goes wrong: it states that “Noble Capital now leads the development and stabilization of Urban Commons after foreclosing on the original borrower in May 2023,” a North Dallas build-to-rent project. That is the company's description of a foreclosure, not a finding about any borrower.

The funds on EDGAR: 13 entities, 20 Form D filings

Noble sells its loans to investors through private funds, and those funds are the only part of Noble that leaves a regulatory record. The count below is the latest Form D or amendment on EDGAR for each entity, using the offering amount, “total amount sold” and “total number already invested” fields as filed. Form D is a notice, not a prospectus; the SEC does not review the offering, and a Form D number says nothing about performance. Older amendments are in the CSV. See how to read a Form D.

What the table does and does not show:

• Growth in the two income funds. Income Fund II's first Form D in the table (February 4, 2019) reported $3,044,510 sold to 11 investors; the January 28, 2021 filing reports $26,661,920 and 98. Income Fund III went from $5,113,600 and 12 investors to $25,154,644 and 69. Both give September 13, 2018 as the date of first sale. Investors can sit in more than one fund, so we do not add the investor counts.
• The three funds on the website today have never reported a sale. PL Fund I, PL Direct I and RE Fund I filed once each in 2024 with $0 sold and 0 investors, and EDGAR shows no amendment since. The website calls each “a $100 million evergreen offering”; the RE Fund I Form D says $50,000,000. We found no Form D under the names of the other two advertised funds (RE Income Fund I and PE Fund I). None of this shows that nothing was sold: it shows what was reported to the SEC.
• Silence is not evidence of a problem. The Income Fund II and III filings are almost six years old at this date, and the Funding Line one is from January 26, 2021. EDGAR does not tell us whether those offerings are still open. Ask Noble for the current private placement memorandum and the latest investor report.
• One entry is a joint fund. The US Capital/Noble Capital Texas Real Estate Income Fund is the vehicle at the center of the litigation below; its general partner was a US Capital entity, and it is listed because it carries the Noble name and Noble managed its loans.

HMDA: Noble is not on the filer lists

Lenders that make covered home loans file Home Mortgage Disclosure Act data under a legal-entity identifier. We downloaded the FFIEC filer lists for 2022 (4,483 institutions), 2023 (5,135), 2024 (4,927) and 2025 (4,791, as published on November 8, 2026) and searched them for “noble.” The only hits in every year were Noble Federal Credit Union and NobleBank & Trust, unrelated institutions. There is no Noble Capital Group, no Streamline Funding Group and no Noble Capital fund. The absence tells us little about quality: business-purpose loans are often outside HMDA, and the loans on the marketplace are described as investment-property loans. The consequence is practical. There is no loan-level public record of Noble's rates, volume or denials, unlike the lenders in our HMDA hard money pages, so the loan listings above are the only price-related data.

The court record: a dispute over one joint fund

A June 2023 order describes the dispute as spanning “four district court cases, two appeals to the Fifth Circuit, and at least one arbitration,” and all of it traces to one 2017 joint fund. Per the Fifth Circuit, in 2017 Noble created two feeder funds and “Noble’s investors placed $25 million into the Feeder Funds,” which, with a US Capital entity as general partner, formed the US Capital/Noble Capital Texas Real Estate Income Fund; Noble was to manage the investments. The same June 2023 order describes the feeder funds as having “roughly 110 investors.” By January 15, 2019 Noble and the feeder funds had started a JAMS arbitration against the US Capital entity. Everything below is a party's allegation unless it is a court ruling, and we name only companies.

How to read it, without taking a side. The Fund (the vehicle that held investor money) alleged that Noble entities “furnished false and misleading credit memoranda” to induce it to fund loans with an unacceptable risk of default, and alleged that a Noble-owned or -controlled entity bought defaulted loans in the third and fourth quarters of 2018 that made up 5% of the loans originated for it. The court found the fraud and RICO pleading insufficient and dismissed those counts with prejudice, so those allegations were not tested on the merits. The same order describes the Fund as having managed “approximately $24,000,000” in “high-yield senior secured first-lien mortgages on residential real-estate.” Noble alleged that the US Capital side never contributed any money to the fund and pursued claims in arbitration and in court. Neither side has a final judgment on the money questions in the orders we could read. The latest order is dated November 7, 2024; we did not find a later disposition and cannot say how the dispute ended. A reader who invested through a Noble fund should ask Noble for the current status in writing.

What we could not check

• State licences. We could not run NMLS Consumer Access or the Texas Department of Savings and Mortgage Lending licence search, so we make no statement about which Noble entity holds which licence. Court records name Streamline Funding Group, LLC as a Noble subsidiary; whether a specific loan needs a state licence depends on the loan and the borrower.
• Review sites. We did not use Better Business Bureau, Trustpilot or Google ratings; they are anonymous, mixed and not primary records.
• Current court docket. Our last saved order is November 7, 2024. Check the Western District of Texas docket for later entries.

What a reader can do with this

• Borrower: ask Noble for the rate, points, extension fee, default interest and draw schedule on paper before paying any fee, and ask who the lender of record is for your loan: a Noble entity, a fund, or an investor who buys a position on the marketplace. The marketplace shows that positions are sold to investors, so the holder of your note may not be Noble. See our page on extension and default interest.
• Investor in a Noble fund: ask for the private placement memorandum, the latest financial statements, the loan tape (count, balance, status) and a list of loans to affiliated borrowers. The marketplace shows affiliated borrowers on four of eight listings.
• Anyone comparing lenders: get at least two other written quotes. A national lender with a published quote is a useful yardstick; see our Kiavi review and the Builders Capital review for ground-up construction.

Sources: noblecapital.com home, strategies, marketplace, REFI and eight loan-listing pages, read November 8, 2026; SEC EDGAR submissions records and Form D filings for CIKs 1668331, 1699400, 1766815, 1766827, 1766829, 1766837, 1842291, 1874319, 1891239, 1912777, 2016979, 2018167 and 2027717; FFIEC HMDA filer lists for 2022 to 2025; orders and opinions in 1:20-CV-1247, 1:22-CV-626 and 1:22-CV-652 (W.D. Tex.) from govinfo.gov and No. 21-50609 (5th Cir.); noblecapitalmarkets.com. Quoted text is verbatim from the saved pages and orders. Figures labelled “our arithmetic” are calculated by us. This is analysis of public documents, not investment, legal or tax advice. Compiled by CrowdfundedWealth on November 8, 2026.