Lowe's offers a Building & Loan Account for individuals that have obtained a construction loan from a bank for the purpose of building their primary residence.
Terms of the Lowe's Building & Loan Account are Prox 20, which means customers are billed for purchases made throughout the month, with a statement cut off date on the 2nd of the month, due and payable by the 20th of that same month.
To qualify for a Lowe's Building & Loan Account, customers must have a verifiable construction loan arranged with a bank for the purpose of new construction and provide a personal guarantee. Credit line is determined by the personal credit quality of an individual and the available proceeds and expiration date of the construction loan. The Lowe's Building & Loan Account is available for the duration of house construction and is closed at completion.
Features and benefits of a Lowe's Building & Loan account:
- Account serves as a temporary account to allow for materials to be purchased and construction progress to occur to enable customer to qualify for construction loan bank draws to pay house construction bills. (Credit terms for the Building & Loan Account are Prox 20.)
- Customers can designate authorized buyers on the account to control who is allowed to purchase. For example, spouse, builder, sub-contractor, etc.
- Customers will receive a monthly itemized statement with merchandise level detail to help manage merchandise purchased and amount of spend.
- Providing account is paid within approved credit terms there is no cost to customer for the use of the Building & Loan account.
For additional information concerning the Lowe's Building & Loan Account Program please visit the Lowe's ProServices Desk at the store nearest you.