Saluda Grade invests $20M in manufactured housing lender Zippy

Saluda Grade has made a $20 million Series C investment in Zippy, an originator and servicer focused on manufactured housing finance, the companies announced Wednesday.Zippy, founded in 2021 by former JPMorgan Chase bankers Ben Halliday and Jordan Bucy, plans to use the capital to expand beyond its current 27-state footprint and roll out new products while building out its technology platform and balance-sheet capacity.The company has developed a proprietary loan origination system that supports application and underwriting, adding that it has already secured more than $600 million in capital commitments to support its lending strategy. Saluda Grade, which manages $4.1 billion in assets, said it will work with Zippy on credit, capital markets, balance-sheet management and product development to improve financing options for manufactured housing. “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,” Halliday, the company’s co-founder and CEO, said in a statement. John Stepp, head of ventures at Saluda Grade, said Zippy is targeting a seg...