New construction do not need to be cash flow negativeI'm a developer based in LA city which completed over 30 projects.

The rate is always higher as well and the criteria for project cost to ARV and experience are above other programs.

I typically would not invest in active RE for $1k/month projected.  

Projects get approved and scrapped all the time.

Even if you gave them a small equity component that does not mean that the architect has a skill to manage a construction project 

Welcome I'm fairly new here as well however I have experience with assisting investors with funding projects nice to connect. 

I toured a lot of properties before buying my first rehab project in a Class C neighborhood. 

I have not invested with him so I cannot comment on how his projects have panned out.I recommend asking him for some referrals from investors.

Look at at least 12 months of actual performance, not projections.

We knew finishing construction would allow the borrower to have significant equity in the property so we worked with the borrower to get the project completed and fund the completion of the project.