Dear {Mr./Mrs. Name},
I am so sorry. I hate to give up my search, but I have to let you know that I lost the {item} that you loaned me. I have been looking everywhere for the last {amount of time} and I'm afraid that it's just gone.
I have always been grateful for your willingness to share with others and I can't apologize enough for not treating your property with the attention and respect that you deserve.
Please let me know where you bought {item} or how much it's worth to you and I will gladly replace it or reimburse you.
Sincerest Apologies,
{Sender}
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Index of letter of apology templates