The SASH II fund currently has up to £18.5 million available that must be allocated in Scotland by March of next year. Mark Bickford, chief executive of SASC since 2023, explains how it works and why property ownership gives charities the resilience needed in a growing homelessness crisis.
Tell us a bit more about your housing investments.
SASH is an impact-first fund, allowing charities to build property portfolios to house individuals on housing benefit. We believe the right investment helps them tackle society’s most pressing challenges.
SASH I closed in 2022, lending £65m to 20 charities. There is a total of £41m available to organisations throughout the UK via SASH II. As of the end of last year, SASC’s various funds had committed more than £100m to supported housing.
How long has your organisation been active in Scotland?
Scotland is key to our mission to use social investment as a catalyst for lasting change. Its progressive policies, commitment to social justice, and strong third sector make it ideal for place-based investment.
SASC has invested almost £17m across its supported housing funds so far with more to come, supporting charities delivering essential supported housing. Partners like the University of Edinburgh and the Scottish National Investment Bank have been key to this work.
What charities have you worked with in this country?
Simon Community Scotland has supported people experiencing or at risk of homelessness since 1963. In May 2021, we invested £5m to help them expand into Edinburgh, purchasing 15 properties.
They use the “housing first” model, prioritising stable, permanent housing as the first step to overcoming homelessness, complemented by wraparound support for challenges like mental health or addiction. Housing and support are never separated, allowing individuals to build stability.
The University of Edinburgh contributed £1m from its Social Investment Fund and The Scottish National Investment Bank has also been a key partner, committing £15m to support Scottish charities.
Any others?
Blue Triangle is a social care provider and registered social landlord, helping residents at key points in their lives to reset and build stability. In October 2024, we invested £4.9m through SASH II to support homeless people in southern Scotland.
That loan is enabling them to acquire more than 60 properties for vulnerable adults. They were the first housing association in Scotland to benefit from SASH II, showing how targeted social investment can transform lives and help charities scale sustainably.
How do the loans work?
Traditionally, property investment follows a “landlord” model, where investors buy homes and lease them. That doesn’t always meet all the needs of charities, many of which want to buy properties but can’t tie up reserves in mortgages or deposits.
SASH offers a different approach: 10-year loans covering 100% of the purchase price and associated costs, with SASC absorbing both void and negative equity risk. This allows supported housing organisations to buy homes rather than rent, creating a sustainable, long-term model.
Who can apply, and what’s the deadline?
SASC is committed to leveraging the support of Scottish National Investment Bank and the University of Edinburgh to maximising its impact in Scotland. The fund offers 10-year loans ranging from £1m to £5m. Applications must be submitted by the end of 2025, with all loan agreements signed by the end of March 2026.
What do you enjoy most about your job?
Without a doubt, it’s spending time with our charity partners. It’s a genuine privilege to work alongside people who dedicate their entire working lives to helping others.
If you weren’t in your current role, what job would you most fancy?
Honestly, I’m not sure I’d be qualified for much else! But a property development role within a charity or social enterprise would be fun — it’s not too far from what we do here.
What do you know now that you wish you had known starting out in your career?
Many of us came into social investment from traditional finance backgrounds. We thought success would come from teaching charities about finance. That was naïve.
The real breakthrough came when we started listening to what our charity partners needed. Only then could we design products that were genuinely useful. That was a big lightbulb moment.
