Is this typical for Hard Money Lender?

[Vladimir K.]

After looking at two local (Chicagoland) hard money lender applications, I noticed that the lenders wanted me to disclose as much information as a conventional lender would require. In addition, the applications included an authorization from me for the lender to go after my assets in the event of a default. This really did not make any sense to me, since based on my understanding, an HML lender would be more inclined to look at at a collateral more so vs. looking at a borrower.

Please note, my credit score is over 800 so I'm not asking this question because I plan on defaulting. And I do realize that the hard money lenders incur substantial risks with their funds when they lend to rehab investors, therefore they charge much higher upfront fees and loan interest rates. But it does not make sense for me to risk my personal property and finances with an HML if I can have the same risk with a conventional loan instead for a much lower fee.

Are HML's typically wanting terms that would allow them to go after the borrower's assets in case of a default?