Lendy Ltd 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 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.
Lendy’s service is fast and discreet. 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 provides 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. We’re keen for boat brokers, valuers and surveyors to understand the benefits of Lendy 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. 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 will also benefit the marine trade as the company will be using affiliated broker’s premises and boat yards as secure dry storage areas.
“We hope to see an increase in business for our network of approved brokers and surveyors throughout the UK,” says Lendy director Tim Gordon.
“One of the issues with getting the marine market moving has been a shortage of available funds, and Lendy is a safe, approved and fast way to release alternative sources of finance against a very specific asset.”
Notes to Editors:
• Lendy Limited was founded in 2012 and is the only marine specialist personal asset lender. Up to 50% of a boat’s current market value (less any finance owed) is available for a loan period of between one and six months, for boats valued over £10,000.
• The application can be made online, without credit checks being required. As part of its legal obligations, Lendy is obliged by law to perform identity and anti-money laundering checks on all applicants.
• Funds are releases within 24 hours into a UK bank account in the name of the applicant.
• Assets set against a loan from Lendy Ltd are required to be stored in approved secure dry storage premises. The owner remains responsible for the insurance of the asset and Lendy registers an interest on this policy.
• Lendy uses marine specialist surveyors and valuers to determine the current market value of an asset, and is building a network of broker affiliate companies.
• Lendy Ltd has a Consumer Credit License issued under Number 654326 and is regulated by the Office of Fair Trading. The company number is 8244913.
• Lendy Ltd’s registered address is the Royal Naval Club, 17 Pembroke Road, Portsmouth, PO1 2NT.
• The company founders and directors are Tim Gordon and Liam Brooke. For more details please call 08454 591591 or email firstname.lastname@example.org or visit www.lendymarine.com