Private Money Lending Structure?

[Patrick Torres]

I am a new real estate investor. I’ve been emailing with someone claiming to be a local private money lender In my area. When I inquired about their process for funding a deal, he responded with the following, “I would need to be the buyer, then sell house to you on REC with at least 10k down @7% interest. I would also add some amount 5k-15k to REC as "back end" profit when it sells. I would need a remodel plan with only your funds used to update.” Numbers aside, is this a common structure or practice when it comes to private lending, for the lender to actually make the purchase?