Private lending terms- need your opinion!

[Rich Thomas]

Hello, So I have a private lender that has sent me his terms on the money he is willing to lend and I would like some opinions on these terms as this is my first time using a private lender....I would be doing all the work from start to finish on the property and he would be solely the money.. Im the class A partner, lender is class B... "Profits and losses shall be allocated as follows; a. On a Property by Property basis b. To the extent profits are available, Class B partners will first receive interest on amounts advanced, calculated at prime rate (at the beginning of each quarter) plus 3% per annual, compounded monthly. c. Any remaining profits will first be allocated 20% to the Class A partners, d. Any further remaining profits with then be allocated 50/50 between the Class A and Class B partners. Losses shall be allocated 50/50 between the Class A and Class B partners" Are these fair terms for me as the borrower?