You can apply but there is no guarantee Loughborough will accept another university's foundation year. You should contact them before starting at the other uni to see if they will even consider it. They may not, and even if they do consider it they may determine after application that you don't meet their requirements and they can't make an offer.
A foundation year is not a standalone qualification and is not designed to be transferable. If you apply for a course with foundation year you should do so with the assumption you will be completing the degree at the uni you started at. There is not guarantee as above that you will be considered or accepted for any other course.
Additionally, even if you are accepted it will then use up your "gift year" of funding from SFE so if you subsequently changed course or had to repeat a year, you would have to self fund at least one year of tuition fees.
Generally speaking you should never start a degree at any university which you don't intend to finish at the same uni.