We are thrilled to announce that we have received our first social investment loan from Social and Sustainable Capital (SASC). The loan of £2.65 million will allow is to purchase properties and improve the accommodation that we provide for adults and young people experiencing poor mental health.
Good quality housing is essential for good mental health and as a Registered Social Landlord, we provide a range of specialist housing services to meet an individual’s needs. Our support includes short and long term housing options, a service for young people at risk of homelessness and a specialist provision for individuals leaving hospital.
Using the investment from SASC’s Social and Sustainable Housing (SASH) fund, we will purchase 21 two, three and four bed properties. This will increase our portfolio of rented and owned properties by 20%. With these additional beds, we can support more people and respond more quickly to those in need of accommodation at short notice.
Some properties will be used by Wellington Care, our wholly owned subsidiary that provides tailored support for adults with severe, long-term mental health needs, and/or people who have additional needs alongside their mental health such as a learning disability, autism, or a physical health problem.
We are the 11th charity to receive funding from SASH, which is a unique financial product designed with and for the social sector. It is neither a mortgage nor a lease but enables social sector organisations to own their own properties, giving them the flexibility to allow them to best serve their clients.
Emma Dallimore, Chief Executive and Hull and East Yorkshire Mind, and Non Executive Director at Wellington Care said:
“Working with SASC and taking on social investment for the first time will be a game changer. We will own our own properties, have greater control and not be so beholden to landlords. This also means we can provide the standard and quality of accommodation our beneficiaries deserve and have more flexibility to offer bed spaces immediately to those in urgent need. Another benefit is that we will own these assets which will make us more financially secure and sustainable too.”
Ben Rick, Co-Founder and CEO of SASC said:
“Since the pandemic there has been a growing demand placed on mental health charities like Mind. We are pleased to be supporting Hull and East Yorkshire Mind with finance to buy properties, allowing them to help more people with mental health issues. We hope to work with other charities is this space and enable them to provide safe, stable and appropriate housing in a financially sustainable way.”
For more information on SASC visit www.socialandsustainable.com
