lough = lake loughan =- small lake or pond
I have a Lough-ne-yeigh
in Lezayre (the only parish I have not yet scanned in Kneen's place names!) but it does not appear in Kneen's book (see manxnotebook in header bar under placenames)
(I have reference that prior to 1916 the Fayles were there as well as other refs to it - all quoting Ramsey)
Yeigh is genitive/vocative of Jeigh - a shutting, a closing, thus literally pond of the closing
I have the Lezayre farm at SC416948 grid ref - there is also a Loughan e Yeigh in Jurby at SC374994