Assisted Living Feasibility Study in Georgia

Large tickets for homes without nursing

Georgia's assisted living record is distinguished by loan size and statewide rank, not by concentration. From FY2017 to FY2026, 77 loans were approved for assisted living without nursing care, adding up to $127.1 million, and the median loan is $1.0 million, a level of 1.32x the nationwide figure for assisted living. Georgia ranks 10 of 50 states for this class, while assisted living ranks only 19 of 39 within the state, with a location quotient of 0.97x showing the state's share of such loans roughly matches the national share. The middle half of loans runs from $485,700 to $2.4 million. A lender reading those numbers should expect projects built or bought as full homes, and a borrower should expect scrutiny of occupancy ramp-up assumptions.

Programs, lenders and counties

SBA 7(a) carries 66 loans and SBA 504 carries 11. Franchising reaches 7.8% of loans, a visible share for senior care. Three lenders reach the listing threshold on the 7(a) table: Craft Bank with 7 loans worth $9.4 million, Live Oak Banking Company with 6 loans worth $14.9 million, and Oconee State Bank with 6 worth $3.5 million. The gap between Live Oak's dollars and Oconee's shows how differently lenders size these homes. By county, Cobb leads with 14 loans, Hall and Rockdale each have 6, Cherokee has 5 and Fulton only 4, so the lending clusters in the northern suburbs and exurbs rather than the core city. Annual volume peaked at 11 loans in both FY2020 and FY2021, with $28.5 million in the latter year.

Cancellations and charge-offs

The cancellation floor here is 10.9%, and the ceiling is identical. Turning to losses, in the FY2017 to FY2021 disbursed cohort of 39 loans, 2.6% show a charge-off so far, yet the measure taken five years after approval is 0.00%. The gap between those two figures means the losses that exist surfaced after the first five years, which is typical for operating senior care businesses that can run for a long time on thin cash. Both rates are floors, and later cohorts are too young to read. Approvals fell to 4 loans and $2.3 million in FY2023 before recovering to 8 in FY2025.

Boundaries of the data and what the study must test

The class code covers only homes without on-site nursing, and memory care has no code of its own. Assisted living with nursing is counted under other classes and indexed to different industry codes, so this page cannot speak to those operators. A Georgia feasibility study should test the private pay demand of seniors within a realistic drive of the site, the staffing cost per resident, and the licensing path. It should model debt service coverage at a conservative lease-up pace, since loans of this size can be sunk by a slow fill. The appraisal must separate real estate from going concern value. Loan Analytics prints the SBA record so neither side relies on anecdote.