A new and unique service designed to enable boat owners to release equity from their boats in the form of a short-term secured loan launched during the Tullett Prebon London Boat Show.
Lendy Marine is 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 Marine 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 Marine will offer up to 50% of a boat’s value as a loan, which can extend from one to six months.
The application takes place online and the asset is valued by one of Lendy Marines 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 Marine 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 Marine service provides vital short-term funding, which is designed to enable boat owners and users to make the most from their assets.
Jane Gentry, CEO of the Association of Brokers & Yacht Agents, The Yacht Designers & Surveyors' Association and the Professional Charter Association said, “The YBDSA, is interested in this new venture by Lendy Marine and hopes it will prove to be of benefit to boat owners wishing to release some equity in their boat. Lendy Ltd has joined YBDSA as a Partner Organisation and we look forward to working with them.”
Liam Brooke, founding partner of Lendy Marine said, “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. We’re keen for boat brokers, valuers and surveyors to understand the benefits of Lendy Marine for their customers, and we have set up a broker affiliate offer, which enables boat brokers to earn commission by referring their customers to Lendy Marine.
“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 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 areas.
“We also hope to see an increase in business for our network of approved brokers and surveyors throughout the UK,” added Tim Gordon, director of Lendy Marine.
For further information, visit www.lendymarine.com.