The length of time to lower a boat would have varied. In a practice situation, ten minutes sounds reasonably close to lower a boat down the equivalent of a 6-story building. However, under duress...??? Also, the real time that must be considered is how long it takes to load and lower a lifeboat. This varies depending upon the people involved and their willingness to climb into a small boat hanging in mid-air.
However, there is one interesting time to consider. From the launching of the first boat until it was impossible to launch any boats was roughly 90 minutes. Two collapsibles were never lowered properly. So, we have 22 boats sent down in 90 minuts. That works out to a boat launched every 4 minutes. Not a bad record under the circumstances.
Titanic's boats were arrayed in four groups: a forward and after group on both sides of the ship. This means that each group had 4 minutes times 4 groups to get a boat down, which equals 16 minutes. That appears to be quite close to the BOT time, which does not include loading.
If Lowe did estimate "about 5 minutes" to lower a boat, then there was 11 minutes to load that boat and keep to the average launch time.
-- David G. Brown