Eilert Lund was born as the son of a ship’s captain and later customs officer in Oslo. His brother Hagbarth became a member of parliament and county governor. Eilert graduated from the Oslo Commercial High School in 1894. He then worked as clerk and office manager for the companies Fr. Meyer (1894-1904) and J. E. Mowinckel (1904-05). In 1905 he went to England, working there for about one year. In 1914, he opened his own company as a sales agent for butter and others. Around this time he added his mother’s surname Falch to his own name. He married in 1915 and had one daughter with his wife Mimi (née Jessen).
In 1912, Eilert Falch-Lund was a member of the crew of Alfred Larsen’s Magda IX, winning gold at the Stockholm Olympics, coming from behind, however, in both races. In 1891 he was one of the founding members of member of the skiing club SK Ondur.