Ingenious Real Estate has completed a new loan to support the development of a low-carbon modular residential scheme on Sutton Road in Southend-on-Sea.
The development will consist of 22 1, 2 and 3-bedroom residential units on a brownfield site. Ingenious funded the scheme, which represents the first fully modular construction of its kind.
The modular construction method will reduce construction time, site waste, and the use of carbon-intensive materials like concrete.
Completed units are fitted out on an assembly line at QB Technology’s factory in West Sussex before delivery to the site.
Ingenious has funded schemes which use pre-fabricated panels before and has funded low carbon schemes such as The How in Cambridgeshire.
The firm has agreed to support the development of several other mixed-use and industrial sites in recent months.
Tom Brown, managing director of real estate at Ingenious, said: “This deal complements our growing portfolio of low-carbon developments and we’re proud to continue providing flexible financing solutions for sustainable projects.”
