A new and service designed to enable yacht owners to release equity from their floating asset in the form of a short term secured loan has been launched during the Tullett Prebon London Boat Show.
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.
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, they will offer up to 50% of a boat’s value as a loan which can extend from just one to six months.
Application takes place online and the asset valued by a qualified and experienced marine surveyor. Within 24 hours of the application being approved, funds are transferred into the applicant’s UK bank account.
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 service provides vital short term funding which is designed to enable boat owners and users to make the most from their assets.
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.