Home Builder Accounts
Minimum credit limit for these accounts is $5,000.00 Home Builder accounts are set up like a construction mortgage. The credit limit is set for the anticipated cost of the project and once the funds are drawn down the account is shut down.
Credit terms of Net 30 days (purchases made in one month are interest free if paid in full by the end of the following month).
Payment terms can be extended up to one year with a Letter of Direction from your lawyer and confirmation of the project funding from your financial institution.
Monthly service charges as low as .84% on past due balances on accounts with Letters of Direction and confirmation of project funding.
Convenient for your contractor (you can add your contractor to your account as an authorized purchaser).
Online access to your account information and transactions is available. See all details of your account including invoices, credits, statements, sales, available credit, etc. Allows you to keep on top of your project and make sure there are no unauthorized purchases.
Scanned images of signed invoices and credits are available online.
Invoices can be emailed daily, weekly or monthly.
Accepted methods of payment on these accounts are cash, cheque, money order, online banking, and funds transfer. Credit card payments are NOT accepted.