Confused about LTV for Hard Money

[Amy Van Ollefen]

I've read a lot of posts about this, and am still a bit confused. If I am purchasing property that the asking price is $99500 and the appraisal is at least $155K which makes under 65% LTV, if I am getting a hard money loan, do I still need a down payment? If they loan up to 65% wouldn't that mean I could get the loan for $99500 and not have to put a down payment down, and I could just pay closing? The equity is the down payment? Or am I not understanding how this works? Do I need a down payment regardless, but I just can't get a loan for more than $99.5K, and the downpayment would be 5,10 or whatever percent of the 99.5K of the loan?