Zippy, a lender and servicer specializing in manufactured-home financing, has raised $20 million from Saluda Grade to expand beyond its 27-state footprint and add products across its community, retail, and wholesale channels.
Saluda Grade was the sole investor in the Series C round, announced Oct. 14, through its growth equity strategy.
Zippy already markets to brokers, alongside dealers and manufactured-home communities. A posting for a director of wholesale growth also outlines plans to scale its broker business and enter new markets.
Building A Market For The Loans
Saluda Grade will also support Zippy on credit, capital markets, balance-sheet management and product development. The firm’s investment strategy includes partnering with nonbank lenders to access loan flow, alongside credit funds, growth equity, and securitizations.
Zippy has built proprietary origination technology and servicing operations to support that flow. A separate agreement disclosed earlier this year shows how it is developing buyers for its loans.
According to Forum Markets’ annual SEC filing, a subsidiary agreed March 23 to purchase up to $150 million of Zippy-originated chattel loans over five years, subject to conditions. These loans finance manufactured homes as personal property, excluding the underlying land.
Zippy will service the loans, which must meet eligibility standards covering credit scores, loan-to-value ratios, size, terms, and geographic concentration. Forum initially purchased 31 loans for approximately $1.4 million; the $150 million represents a conditional commitment.
Forum, formerly ETHZilla, has separately described plans to tokenize a portfolio acquired from a Zippy fund, creating digital investment interests backed by loan cash flows.
Zippy reports more than $600 million in capital commitments secured during 2026.
Financing Remains An Affordability Hurdle
Financing costs remain a barrier for buyers drawn to manufactured housing’s lower purchase prices.
An October 2025 Urban Institute analysis of 2024 Home Mortgage Disclosure Act data found median rates of 9.5% for manufactured-home personal-property loans, compared with 7.88% for manufactured-home mortgages and 6.63% for site-built home mortgages. It also found that 65.3% of personal-property loan applications were denied.
Those historical, marketwide figures — examined in NMP’s Manufactured Home Lending Growing More Expensive — illustrate the financing gap Zippy is pursuing.
