New UK company helps owners borrow against their boat

by • February 4, 2013 • Finance and Insurance, Yachting Business, YachtsComments Off on New UK company helps owners borrow against their boat1442

New online asset lending service for marine sector

A new service designed to enable boat owners to release equity from their boats in the form of a short term secured loan was launched at the Tullett Prebon London Boat Show. Lendy Ltd claims to be the first UK company with specialist knowledge of the marine sector to offer short term loans to boat owners against a yacht or powerboat worth £10,000 or more.

Regulated by the Office of Fair Trading and licensed under the Consumer Credit Act, Lendy Ltd has been set up by Liam Brooke and Tim Gordon, seasoned sailors with over 20 years experience in the finance and ecommerce industries. Within 24 hours of an approved application, Lendy will offer up to 50% of a boat’s value as a loan which can extend from just one to six months. The application takes place online and the asset is valued by one of Lendy’s qualified and experienced marine surveyors. Within 24 hours of the application being approved, Lendy will transfer the funds into the applicant’s UK bank account.

As part of the security, Lendy will assess the current location of the boat. If it is on a secure mooring or in dry storage area, the boat can usually remain in its existing location. Alternatively Lendy will arrange for the boat to be delivered to an approved secure area. There are no charges for early redemption of the loan, and if the period needs to be extended beyond six months, a follow on agreement can be made. For boat brokers, manufacturers and other marine industry professionals, the Lendy Ltd service could provide vital short term funding which is designed to enable boat owners and users to make the most from their assets.

Liam Brooke, founding partner of Lendy says, “For boat owners and brokers, Lendy offers a quick, discreet and secured method of releasing funds against a boat which may already be up for sale or not being used for any specific reason. It could be for a short period such as over the winter months, after a change in personal circumstances, or because the boat is up for sale…The release of funds against an asset also acts as a bridging loan – something that used to be commonly seen in the housing market – enabling owners to purchase their next boat before their existing one sells.”

The service provided by Lendy it is hoped will also benefit the marine trade as the company will be using affiliate and local broker’s premises and boat yards as secure dry storage area.
“We also hope to see an increase in business for our network of approved brokers and surveyors throughout the UK,” says Lendy director Tim Gordon.
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