Lending for equity / convertible notes

[Tim Johnson]

Has anyone seen an example of a lender combining debt with equity on a real estate deal? e.g. is it possible for someone to lend $100k on a deal in exchange for, say 6% interest rate plus 10% share of profits?

Related: Is it possible to do a convertible note when lending on a deal? i.e. Lend $100k on a deal for typical terms, but with the option to convert your loan into an equity stake in the future?

Would some kind of deal like this ever make sense to you? Under what circumstances?