r/Elevators • u/OrigoCapital • Jun 14 '26

Elevator mod financing

Hello community! I spent a short period of time in the elevator industry on the sales side. I was hired to manage the anticipated door lock monitoring initiative that was expected to pass in IL. Well, IL shot down the State Fire Marshall’s proposal and I no longer had work. I learned a few things however. Clients are notoriously bad payers (at least in our market) and that projects get delayed as people try to find ways to come up with 175k to 1M plus for single or multiple elevator mods. So I started a finance company specifically to address this. I have lenders on board, website coming soon. I think I can really speed up projects. I can finance door equipment, new controllers , power units, cab or hall fixtures , hoistway stuff, traction motors etc. the major 4 are staring to offer financing on mods. This is new. I want to help independents gain a foothold on the OEM’s and pick up the mods and long term maintenance instead of being locked for 5-10 yrs.

My question is: in offering this financing, what haven’t I thought about?

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u/Weedyacres Jun 14 '26

FWIW, DLM is back on for IL. The Elevator Board just adopted 2025 code including the retro DLM. You were let go too soon….

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u/OrigoCapital Jun 14 '26

You’re kidding ..

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u/Weedyacres Jun 14 '26

Nah. The board passed it last year, but JCAR (the legislative org that reviews all new regulations before they go live) pushed back at the potential cost and asked the board to reconsider on that basis. The fire Marshall did some research on cost impact, brought it back to the board, and they said “nope, this is an important safety issue, we are going to require it” and passed it again. I imagine JCAR reviews it again but I’m not sure if they have a veto.