The Home Depot Launches First Nationwide SPEC Construction Loan Program for Home Builders That Includes Five Percent Rebate on P
January 11 2006 - 4:30PM
PR Newswire (US)
ATLANTA, Jan. 11 /PRNewswire-FirstCall/ -- The Home Depot(R), the
world's largest home improvement retailer, today announced the
launch of The Home Depot SPEC Construction Loan program, available
through all of its 1,767 U.S. stores. This is the first nationwide
SPEC loan program for qualified contractors, builders and
developers that gives borrowers access to up to $2 million and the
ability to earn five percent rebates on all project supplies and
materials purchased at The Home Depot, The Home Depot Supply, The
Home Depot Floor Store, The Home Depot Landscape Supply and EXPO
Design Center. The loans will be provided by IndyMac Bank(R), a top
10 provider of home financing nationwide and a leader in home
construction financing. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030502/HOMEDEPOTLOGO) "Our
new SPEC loan program with IndyMac Bank allows us to provide
enhanced services nationwide to our builder customers and enables
us to capitalize on this growing segment of our customer base,"
said Frank Blake, executive vice president of Business Development
for The Home Depot. "The residential construction loan market is a
multi-billion dollar industry, and this new program paves the path
for small- and medium-sized home builders to make The Home Depot
their primary destination for all of their new construction needs."
Benefits for the small- to medium-sized home builder include the
following: - Five percent cash rebate on all project supplies and
materials purchased at The Home Depot and its affiliates during the
life of the loan - The Home Depot and its affiliates as a one-stop
shopping destination for loans and home building supplies and
materials - No up-front expenses for project purchases with a
dedicated Home Depot commercial account, so the builder can make
purchases prior to receiving the disbursement from the loan - Easy,
streamlined application process, which can be initiated by calling
(800) 281-0855 or by visiting http://www.hdconstructionloan.com/ -
Dedicated IndyMac Bank construction loan specialists available for
all loan-related questions - Competitive loan terms - Fast
disbursement online - Convenient online access to loan information
and construction funds any time, day or night The SPEC loan program
targets small- to medium-sized residential contractors, builders
and developers with at least five years of experience in the
building and marketing of single-family homes. Those not meeting
this requirement will be reviewed on an individual basis. "As a
national leader in home construction financing, we are pleased to
join The Home Depot in this SPEC Construction Loan program," said
Jim Fraser, president, IndyMac Bank Home Construction Lending. "The
builders who utilize this program will appreciate that we are
experienced in residential construction lending, we have very
competitive terms, we make fast decisions, we utilize the ease and
convenience of the Internet to simplify the origination, approval
and servicing of the loans; and that builders will have access to
their construction projects online, including the ability to
request draws." Eligible builders can borrow up to $2 million to
cover the cost of one home or multiple homes, and The Home Depot
SPEC Construction Loan carries terms up to 18 months. These terms
cover the construction and marketing of the home. The dedicated
commercial account features easy-to-read, itemized monthly
statements and online account management. Additional cards are
available for builder employee access, and there are convenient
purchase tracking options. "SPEC" is an industry term referring to
speculative homes -- homes that are built before they are sold to a
consumer. While customers can participate in the SPEC Construction
Loan program today, signage and brochures will be in all The Home
Depot stores in the United States by the end of April. To find out
more about the program, customers can call (800) 281-0855 or go to
http://www.hdconstructionloan.com/. About The Home Depot Founded in
1978, The Home Depot(R) is the world's largest home improvement
specialty retailer and the second largest retailer in the United
States, with fiscal 2004 sales of $73.1 billion. The company
employs approximately 325,000 associates and has 2,012 stores in
all 50 states, the District of Columbia, Puerto Rico, 10 Canadian
provinces and Mexico. The company has announced plans for retail
expansion into China. The Home Depot has been recognized by FORTUNE
as the No. 1 Most Admired Specialty Retailer for 2005. Its stock is
traded on the New York Stock Exchange (NYSE:HD) and is included in
the Dow Jones industrial average and Standard & Poor's 500
index. HDG About IndyMac Bancorp IndyMac Bancorp, Inc. (NYSE:NDE)
is the holding company for IndyMac Bank, the largest savings and
loan in Los Angeles County, the 9th largest thrift nationwide
(based on assets) and the 9th largest home mortgage lender
nationwide based on $17 billion of home mortgage loans produced in
the third quarter of 2005. A member of the S&P 400 and Russell
1000 indices, IndyMac provides cost-efficient financing for the
acquisition, development and improvement of single-family homes.
IndyMac also offers financing secured by single-family homes to
facilitate consumers' personal financial goals and strategically
invests in single-family mortgage related assets. IndyMac's home
construction lending division provides construction financing for
both qualified home builders and individual consumers who want to
build a new primary residence or second home. Overall, the division
is one of the largest custom residential construction lenders in
the nation. For more information about IndyMac and its affiliates,
or to subscribe to the Email Alert feature for notification of
IndyMac news and events, please visit our Website at
http://www.indymacbank.com/.
http://www.newscom.com/cgi-bin/prnh/20030502/HOMEDEPOTLOGO
http://photoarchive.ap.org/ DATASOURCE: The Home Depot CONTACT:
Karen Haggerty of The Home Depot, +1-770-384-3686, or cell,
+1-404-307-0968, or ; or Pam Marsh of IndyMac Bancorp, Inc.,
+1-626-535-8465, or Web site: http://www.homedepot.com/
http://www.hdconstructionloan.com/ http://www.indymacbank.com/
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