Emanay Advisors · Confidential · Internal Use Only
Project Buttercup
Financing Memo
Celtic Bank SBA Track
24-Location Drybar Portfolio Acquisition — $3.5M
Prepared by Emanay Advisors · August 10, 2026 · BUTTERCUP-FIN-2026-08-10-v1 · Strictly Confidential
Section 01
Executive Summary
On August 8, 2026, Alexandre Camus presented a 24-location Drybar portfolio acquisition to Rocky Chamdal (VP, SBA Business Development Officer, Celtic Bank) as a candidate for SBA financing. The target locations reportedly generate ~$12M in combined revenue and are being acquired for ~$3.5M — a highly favorable entry multiple if the figures hold up in underwriting. Rocky verbally indicated interest and outlined a preliminary capital structure; Alex followed up same-day with an initial financials package.
Emanay Assessment: This is a live but early-stage lender conversation — no formal term sheet, pre-underwriting checklist, or commitment has been issued yet. The immediate deliverable Rocky asked for is three years of tax returns (Joy personally, and the target business). Before this memo is relied on for capital planning, the target itself needs reconciling against the rest of the Buttercup pipeline — see Section 06.
Section 02
Target Overview
Reported Store Revenue
~$12M
Per Rocky/Alex call, 8/8/26 — not yet independently verified in the data room
| Structure | New acquisition vehicle ("newco") — target would be purchased through a new holdco/reorg entity rather than Joy's existing operating LLCs |
| Existing Target Debt | Per-location MCAs on the individual store LLCs, ranging $20K–$70K each. Cash-flowing, not described as predatory, but Celtic Bank's stated preference is for these to be paid down or paid off ahead of closing |
| Source of Verification | None yet — figures are as relayed verbally on the call; formal underwriting will require target financials, tax returns, and an independent debt schedule |
Section 03
Proposed Capital Structure (Celtic Bank / SBA)
Terms below are what Rocky Chamdal outlined verbally on the August 8, 2026 call. None of this is a commitment to lend — Celtic Bank's own template documents carry that disclaimer explicitly, and it applies here.
| Cash Down at Close | ~10% of purchase price (~$350K) — Rocky noted he could flex to 15% if needed, but modeled the deal at 10% |
| Working Capital Reserve | An additional ~10% (~$350K) retained by Joy as working capital — not injected into the deal, held separately |
| Total Liquidity Requirement | ~20% of purchase price (~$700K) between the two components above |
| Collateral | Lien on Joy's primary residence and her separate investment property — both confirmed owned free of the MCA encumbrances, which sit only on the individual store LLCs |
| Existing MCA Treatment | Preference is payoff/paydown pre-closing. Rocky left open the possibility of structuring around them (Joy pays down a portion, a separate sponsor covers the rest) if the cash flow supports it — this has not been formally quoted |
| Credit Score Floor | 680, per Rocky's general SBA standard (stated in the context of a different loan on the same call, but treat as the working floor here absent a Buttercup-specific figure) |
Assumption flagged for review: On this call, Rocky described a "prove funds twice" mechanic (a bank statement or screenshot at application, and the same balance confirmed again at closing) — but he said it in reference to a different deal (a California assisted-living facility, not Drybar). It is standard SBA underwriting practice to require liquidity evidence at both checkpoints, and Emanay recommends assuming Joy's ~$350K working capital reserve will need to be demonstrated at application and again at closing — but this has not been confirmed by Rocky for this specific deal. Confirm before finalizing capital planning.
Section 04
Documentation Requirements
Rocky has not yet issued a tailored pre-underwriting checklist for this deal. The lists below combine (a) what he explicitly asked for on the 8/8 call, and (b) Celtic Bank's standard SBA documentation template, evidenced from prior Emanay/Celtic engagements (Greenbriar, FolCor, Petty Cash) — likely to apply once this deal is formally opened.
Immediate Ask (Stated on 8/8/26 Call)
- Three years of federal tax returns — borrower (Joy), personal
- Three years of federal tax returns — target business being acquired
Principal / Guarantor Package (20%+ Owners)
- Personal Financial Statement, <60 days old (husband & wife)
- 3 years personal federal tax returns — schedules, statements, K-1s
- Most recent W-2 & pay stub
- Current mortgage statement
- Current bank statements and brokerage/retirement statements
- Cost-of-living worksheet or soft-pull credit report
- Management resume (including non-owner key management)
- Driver's license, front and back
Target / Affiliate Business Information
- 3 years federal tax returns — schedules, statements, K-1s
- Interim financial statement, <60 days old
- Business debt schedule (same period as interim)
- Current business checking statements
- Description of business operations
SBA Loan — Specific
- Business plan detailing growth strategy post-acquisition
- Income projections — 2 years, Year 1 monthly, with detailed assumptions
Real Estate / Collateral (Given the Home & Investment Property Lien)
- Property profile, description, photos
- Escrow instructions
- Environmental questionnaire, plus any prior environmental reports
Working Capital
- Written explanation of working capital need
Section 05
Timeline & Next Steps
Aug 8, 2026 — Deal Pipeline Call
Alex presented the 24-location Drybar deal (and other pipeline items) to Rocky Chamdal. Rocky outlined the ~20% capital structure, home-lien collateral ask, and MCA payoff preference. Asked for 3-year tax returns to begin.
Source: Fathom/Gemini call transcript, "Deal Pipeline | R. Chamdal"
Aug 8, 2026 — Financials Package Sent
Alex emailed Rocky ("Project Buttercup | Hair Salon Acquisition") with Drive links to Buyer Current Businesses Financials, Loan Agreements, Payoff Letters, and Sponsor Financials.
Source: Gmail, alex@emanay.io → Rchamdal@celticbank.com
Pending — Rocky's Review
Rocky indicated he would review over the weekend of Aug 8–9 and follow up "Monday" (Aug 10). No response yet in Gmail as of this memo.
Next — Emanay Action Items
(1) Confirm target identity against the pipeline (Section 06). (2) Assemble 3-year tax returns, personal and target. (3) Confirm the "prove funds twice" liquidity assumption directly with Rocky. (4) Get a written, target-specific needs list once Rocky formally opens the file.
Section 06
Open Item — Target Reconciliation
01
24-Location / $3.5M Target Not Yet Mapped to Pipeline High
This deal does not match either tracked Buttercup acquisition: Deal South Miami (4 locations + 7 ADA licenses, ~$3M) or Deal Regent (11 NY/NV locations, $2.0M flat, per the Aug 4 revised LOI). It could be (a) a genuine third target not yet formally documented, or (b) an earlier/pre-revision framing of Regent from before its scope was cut to 11 locations. This should be confirmed with Joy directly before further underwriting or document collection proceeds on this financing track.
02
MCA Payoff Status Unverified for This Target Medium
The per-location MCAs described on the call ($20K–$70K range) have not been cross-checked against the Buttercup Master Debt Schedule or the nCino affiliate debt schedule. If this target overlaps with entities already tracked there (e.g., River North, Milwaukee), the payoff status already known from those schedules should be applied here rather than treated as a fresh unknown.
03
Liquidity "Prove Twice" Requirement Unconfirmed for This Deal Assumption
As noted in Section 03 — Rocky's comment about showing account balances at two points in time was made regarding a separate, unrelated deal (a California assisted-living facility). Emanay is carrying it forward as a working assumption for the Drybar working-capital reserve given it's standard SBA practice, but it should be confirmed directly with Rocky rather than presented to Joy as settled.
04
No Formal Commitment or Term Sheet Issued Low
Everything in this memo reflects a verbal, preliminary conversation. Celtic Bank's own standard disclosure language ("This is not a commitment to lend") should accompany any internal or client-facing use of these terms until a written pre-underwriting checklist or term sheet is issued.
Lender Contact
Rocky Chamdal
VP — SBA Business Development Officer, Celtic Bank
Rchamdal@celticbank.com · Cell (714) 757-2555
Emanay Lead
Alexandre Camus
Managing Director, Emanay Advisors — owns this lender relationship and the Buttercup mandate.
alex@emanay.io · +1 (786) 835-7342
This Financing Memo has been prepared by Emanay Advisors for internal use, compiled from a Fathom/Gemini transcript of the August 8, 2026 call between Alexandre Camus and Rocky Chamdal, and corroborating Gmail correspondence through August 10, 2026. Terms described herein are preliminary and verbal in nature; per Celtic Bank's own standard disclosure, none of the above constitutes a commitment to lend. Doc Ref: BUTTERCUP-FIN-2026-08-10-v1 · Prepared August 10, 2026 · Emanay Inc. · 1221 Brickell Ave Suite 900 · Miami FL 33131 · advisors@emanay.io · Strictly Confidential — Not for Distribution