The Fountains in Cartersville
Craig Thomas and Chris McCallum, Co-owners
Project Type
Assisted Living/Memory Care Facility Construction
The Story
With a friendship spanning over 40 years, Craig Thomas and Chris McCallum always knew they’d go into business together. They spotted a void in the seniors housing market in Cartersville, GA so they shrewdly researched different pieces of property on which to build and start an assisted living facility. After purchasing the perfect plot of land, they hit several road bumps while trying to secure financing with other banks. Fortunately, Live Oak’s experienced Senior Care lending team was able to swoop in to deliver a creative loan structure to suit the requirements of these customers in just three months.
Live Oak’s lending team utilized a combination debt structure, including an SBA 7(a) loan, to deliver the amount Craig and Chris needed to build the facility and open the doors with operating capital. Because Craig and Chris took advantage of SBA funding, they were able to retain more ownership in starting the assisted living facility and ultimately, more financial security for themselves. Live Oak strives to help business owners who want to control their own destiny, allowing them to be hands-on and deeply involved in every aspect of the project.
Fountains in Cartersville has been a fantastic economic addition to Cartersville, with more than 40 jobs added to a rural market. Beyond that, it has become home to over 60 senior citizens that would have had to relocate outside of the county. There was not a licensed assisted living or memory care facility in the town, so Fountains in Cartersville hit 100% occupancy in just four months — almost all from word-of-mouth referrals.
