The Loxley was a primary weapon for the Stealth class in Blitz Brigade. It is a crossbow, and is best used with headshots. While it does a good amount of damage and is silent, the rate of fire is awful, and the range is okay, but can be as short as a Mag-Lite flashlight if aimed incorrectly. The critical chance is okay, but quite low for a Stealth weapon. Because of this, the Waldo 511 and the Shanghai are both better options, both of which can be bought at a low price.
Please note that the Loxley has a "looping shot" sort of thing. You have to aim a few feet higher than your enemy so that the bow can reach its target at a certain distance from your enemy.