Home Depot, IndyMac to Start Loan Program

Home Depot Inc. and IndyMac Bancorp Inc. will begin lending as much as $2 million to individual home contractors and developers to boost revenue from the home-building industry.

Under the new “Spec” Construction Loan program, builders can borrow the money for as long as 18 months, Atlanta-based Home Depot said. Builders also will get 5% rebates on Home Depot products, the company said. Spec refers to speculative homes built before they are sold to a consumer.