10/90 Private Lender Scenario

[Scottie F.]

A contact of mine outside of bigger pockets, states that he has access to a "Fund/Lender" that will allow me to get into a property with only 10% down, they would cover the remaining 90%. After the purchase, they would cover all construction costs with myself overseeing the project. Once the property sells, Profits are split 50/50, and then there would be a 12% return on the initial 10% investment as well.  Has anyone heard of a program like this before in private lending? If so, did you take advantage of it and were terms as stated/signed?  Thanks for your replies/feedback.