Saluda Grade, an alternative investment firm specializing in asset-backed credit, today announced a $20 million Series C investment in Zippy, a technology-enabled originator and servicer focused exclusively on manufactured housing finance. Saluda Grade served as the sole investor through its growth equity strategy. In addition to providing capital, the firm will work alongside Zippy on credit, capital markets, balance sheet management, and product development.

As demand for manufactured housing finance continues to grow, we believe the investment and strategic partnership with Saluda Grade will allow Zippy to execute on its next phase of growth, which includes expanding its national footprint beyond the 27 states it currently serves, delivering new loan products across community, retail, and wholesale distribution channels, and continued expansion of its technology capabilities and balance sheet capacity.

Having secured more than $600 million in capital commitments in 2026 alone, the financing marks an inflection point in Zippy’s evolution into a national full-service manufactured housing lending platform, as the company has intentionally built its foundational infrastructure across regulatory, legal, risk management, and servicing since its inception – including a proprietary loan origination platform that enables digital applications, partner-facing tools, underwriting and decisioning capabilities, standardized loan documentation, and data infrastructure.

“Manufactured housing is already one of the most compelling affordable homeownership solutions in America, but it needs a financing system that is just as modern and efficient as the homes themselves,” said Ben Halliday, Co-Founder and CEO of Zippy. “We experienced these challenges firsthand as community owners, and everything we’ve built since has been focused on making financing simpler for homeowners and home sellers, while creating the infrastructure this industry needs to grow. With Saluda Grade as our strategic partner, we believe we can continue serving the existing market exceptionally well, while creating additional access points to help more families across the country achieve homeownership.”

In our opinion, while manufactured housing remains one of the nation’s largest sources of unsubsidized affordable housing – accounting for 5% of national households in 2024 and 9% of single-family home starts in 2025, according to the Manufactured Housing Institute – the financial infrastructure supporting the industry remains less developed than the traditional mortgage market.

Founded in 2021, Zippy has leveraged its technology, servicing infrastructure, and institutional capital relationships to modernize this segment of the housing finance market. The investment comes as institutional investors pay closer attention to manufactured housing finance, driven by rising demand for affordable homeownership and a need for financing infrastructure that can scale with it.

For Saluda Grade, the investment aligns with the firm’s growth equity strategy, providing additional exposure to core investment themes across housing supply and affordability, while continuing its history of partnering with asset originators, fintechs, and modern businesses operating at the intersection of the residential finance and asset-based credit.

“Zippy has built an impressive platform in one of the most overlooked sectors of housing finance,” said John Stepp, Head of Ventures at Saluda Grade. “We’ve been fortunate to have a longstanding relationship with their leadership team, and it’s clear Zippy has combined deep industry expertise, proprietary technology, and a disciplined approach to lending to create a differentiated foundation for long-term growth. We believe manufactured housing finance presents a compelling opportunity, and we’re excited to partner with Zippy as the company expands its platform, enters new markets, and continues building critical financial infrastructure for the industry.”

Ultimately, we believe the partnership between Saluda Grade and Zippy represents an opportunity to help modernize manufactured housing finance at a time when policymakers, investors, and housing stakeholders are increasingly focused on housing affordability and housing supply challenges nationwide. Together, the companies aim to broaden access to financing for manufactured homes by pairing Zippy’s lending platform with Saluda Grade’s credit and capital markets expertise.

About Saluda Grade

Saluda Grade is an alternative investment firm specializing in asset-based credit. Founded in 2019 by Ryan Craft, the firm has $4.1 billion in AUM as of July 1, 2026, and is headquartered in New York City. The firm’s leadership team brings collective experience navigating multiple market cycles and rate environments. Saluda Grade operates across asset management, growth equity, origination, and servicing technology in residential and commercial real estate credit. For more information about Saluda Grade, please visit www.saludagrade.com.

About Zippy

Founded in 2021, Zippy is a technology-enabled originator and servicer focused exclusively on manufactured housing finance. Zippy works with manufactured housing communities, retailers and dealers, and wholesale partners to help more families access affordable homeownership.

Zippy combines proprietary lending technology with institutional capital and an experienced lending and servicing organization to modernize a market that has historically relied on fragmented, paper-heavy processes. Its platform supports the lending lifecycle from application and underwriting through closing and servicing, while creating standardized loan data designed to improve transparency and access to institutional capital.

Zippy’s long-term mission is to help manufactured housing fulfill its potential as one of America’s most scalable sources of affordable homeownership by building a more efficient financial infrastructure around the industry.

Disclaimers: This press release is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any securities. Any offer or solicitation will be made only through the applicable offering documents and only to eligible investors in accordance with applicable law. All investments involve risk, including the possible loss of principal.

Zippy Loans, LLC (NMLS #2189776) is a direct lender offering manufactured home loans. Loan approval is subject to underwriting, and submitting an application does not guarantee loan approval or obligate a borrower to borrow. Zippy Loans, LLC, Zippy Insurance Services, LLC, and Zippy Technology, LLC are separate subsidiaries of Zippy, Inc. Products and services are not available in all states. Equal Housing Lender.

Forward-looking statements: Statements in this press release have “forward-looking statements,” and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements.

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