Would a U.S. senior lender (non-SBA) let me build a capital stack with senior debt, mezz, seller note, and earn-out but no equity injection? This would be for an add-on acquisition with an EBITDA high enough to qualify for a cash flow loan. There would not be enough tangible assets to fully collateralize the loan.

If the answer is "no", then what is the minimum % equity injection most senior lenders would require?

Let's assume in this scenario that the acquiring company has existing debt that it services comfortably, but not a lot of equity.