Routine maintenance of your elevators is key in keeping down repair costs as well as proven to extend the overall lifespan of your elevator systems. An elevator is made up of hundreds of moving parts – many of which need to be checked regularly to remain in working order. Maintained lifts are also more reliable, work faster, and provide a better experience for your residents. You also want to make sure that you provide a safe service, especially when it is in regular use every day, and the only way you can guarantee that is if you keep up with your scheduled maintenance.
Propell was recently approached by the Arendsig Body Corporate to assist in funding the overdue replacement of a lift that had been in use for 40 years. The costs involved in replacing a lift are massive, and the only way to expedite the project was to seek help from a financial partner like Propell that offered Project Loans.
How Project Loans can be used for lift replacements
The Arendsig Body Corporate’s building has two lifts, and only one of them was still in working condition. Both lifts were outdated technology and spares for parts no longer available, furthermore, the damage done by loadshedding made it impossible to repair them both.
One elevator was indeed enough to service the 24 units in the building, so after careful consideration and exploring all their options with the help of Propell and Schindler, they opted to replace only the one lift – the broken one. The other lift, the one that was currently still working, would have parts replaced and be kept as spares for future maintenance of the main elevator.
The replacement was needed urgently, and waiting for the funds to come together was simply not an option. The lift needed to be ordered from Schindler in Germany. Time was of the essence, as many of their residents were senior citizens and were forced to make alternative living arrangements as they could not climb the stairs. Most of the owners could not pay their portion of the project to replace the lift, and so they made use of Propell’s Project Loans. The Arendsig Body Corporate approached Propell in September 2020, and this project is already well underway and planned to be completed by the end of June 2021.
What are the benefits of Propell’s Project Loans?
Take it from Christa Howell, Portfolio Manager for Arendsig Body Corporate:
“From day one, Propell provided an absolutely professional service. I contacted a sales representative regarding a loan for Arendsig Body Corporate in Strand. They made an appointment with the trustees and me and came to see us in person.
The sales rep arranged everything in the blink of an eye and addressed the owners at the AGM held in November 2020. There he described, in detail to the owners, how the lending process would work. He answered everyone’s questions and was well prepared. I received the first draw, and the second draw of the loan went smoothly too. Their service is professional and I have referred Propell to other colleagues as well. Thank you Propell, it is a pleasure to work with you.”
Other benefits of Project Loans
- Funds are immediately available
- You decide when and how much to draw
- Flexible repayment terms of up to 5 years
- Only pay interest for what you use and when you use it
- No surety or cession of levies required
- No penalty for early settlement
How to get started
Contact Propell to apply for a Project Loan for your community scheme. Once your revolving facility is approved, the funds are available to you immediately. The community scheme can drawdown as required, and can select its preferred repayment term. You simply repay each drawdown in equal monthly instalments. Find out more about Propell Project Loans.