Hard Money Loans with down payment requirement?

[Norman Perkins]

I was recently searching for a hard money lender in Florida and came across a company that requires a 10% down payment. I have in the past dealt with hard money lenders and never heard of a down payment requirement. Tat was in 2006 though. Is it standard practice today to pay 10% down for hard money or am I right in thinking that it defeats the purpose. If a buyer as 10% for a down payment, why use hard money in the first place?