Is it time to upgrade your building’s elevators? If so, PACE loans may offer the perfect financing option. On average, well-maintained elevators 15 to 20 years. However, even within the last few years, elevator technology has been rising to the challenges of improved safety, reduced maintenance requirements, and increased energy efficiency. If your elevators are due for an upgrade, consider working with PACE lenders. We offer cost-effective financing with great terms.
How do PACE Loans Work?
PACE loans are designed to provide capital for projects that help reduce energy consumption, save water, or even improve building resiliency. There are a wide range of projects that may be eligible for PACE loans, including elevator upgrades.
The great thing about PACE funding is that it can provide up to 100% of the project costs, but still offers some pretty amazing terms. With PACE, repayment terms generally last between 10 and 20 years and offer low interest rates. PACE lenders can offer such enticing terms because payments are added to the annual property tax bill, so there’s more security that the loan will be repaid.
Eligibility varies by your location. However, in many cases, all you need for your loan is to perform an energy audit, show that upgrades will help lower energy consumption, and also ensure that the project is a permanent part of the property.
Using PACE Funding for Elevator Upgrades in Your Property
What does all this have to do with elevator upgrades? We all know that these projects can be an investment, and not every building owner has the capital lying around to fund them. Often, this means putting upgrades on the backburner. However, the great news is that, in many locations, elevator upgrades qualify for PACE.
There are many reasons why you may want to modernize your elevators, like:
- Improving safety
- Increasing passenger comfort
- Improving building aesthetics
- Reducing overall maintenance costs
- Increasing energy efficiency for your building
Whatever your reasons for modernizing, PACE loans can help provide you with the financing you need for your elevator upgrades. Because modern elevators can improve energy efficiency by up to 40%, PACE may be the perfect solution for funding elevator modernization projects.
At Stonehill PACE, we provide direct lending for all commercial asset classes. We provide financing for up to 25% of the property value with up to a 30-year fixed rate. Our team brings unparalleled experience and knowledge in all areas of PACE financing, as well as strong relationships with PACE administrators. We also handle all the aspects of the qualification process to make the process convenient and streamlined for building owners. Learn more about our turnkey PACE solutions today by calling us at (678) 823-9313.