FirstBank Invests in Zippy to Increase Access to Affordable Housing

Rhea-AI Summary

FirstBank has announced a strategic investment in Zippy, a fintech company that provides fully digital manufactured home loans. This partnership aims to enhance access to affordable homeownership through innovative lending solutions. Zippy operates in nine states and plans to expand its reach significantly in 2023. The initiative is part of FirstBank's commitment to meet the housing needs of communities, especially as home prices continue to rise. With a robust total asset base of $12.8 billion, FirstBank seeks to leverage its extensive experience in manufactured home lending to create pathways for new homeowners.

Positive

• FirstBank's investment in Zippy positions it to lead in the affordable housing sector.
• Zippy's digital platform can process loans in as little as five days, enhancing customer experience.
• The partnership addresses the critical issue of affordable housing amidst rising home prices.

Negative

• None.

Community bank partners with digital platform to simplify home loan process for manufactured home market

NASHVILLE, Tenn., Feb. 15, 2023 /PRNewswire/ -- Today, Nashville-based FirstBank announced an investment in Zippy, the fintech company offering fully digital, fast and seamless manufactured home loans. Through this investment, FirstBank furthers its commitment to innovative community-minded banking solutions by pairing its expertise with Zippy's industry-first technology to broaden opportunities for affordable homeownership.

"FirstBank has extensive experience in manufactured home lending and has invested in fintech partnerships that enable us to offer innovative solutions that meet the needs of our customers," said Wade Peery, Chief Innovations Officer at FirstBank. "In today's housing market, finding new paths to affordable homeownership is critical. This partnership will make buying a home possible for many new individuals and families."

Zippy is currently available in nine states including Texas, Arizona, Kansas, Missouri, Virginia, Georgia, Alabama, Indiana and Michigan with plans to more than double its footprint in 2023. Many of the loans Zippy helps customers access are for community-sold homes in master-planned communities that provide homeowners with amenities including community pools, workout facilities, playgrounds and more. These manufactured homes are well-built and offer much-needed affordability amidst the nation's current housing crisis.

Zippy is co-founded by bankers-turned-community owners CEO Ben Halliday and COO and President Jordan Bucy, who left careers at JP Morgan after jointly acquiring a manufactured home community. Through a four-year renovation project to revitalize and restore the community, the founders gained a deep respect for the manufactured housing model while also discovering the challenges facing the industry. As a result, they built a first-of-its-kind online platform that can originate competitive loans in as little as five days.

"Whether you're a homebuyer or community operator, Zippy provides a fully digital and seamless lending experience," said Halliday. "We are grateful for FirstBank's investment and continued partnership, as it will be a pivotal part in helping more families move into quality, energy-efficient and well-constructed manufactured homes."

"As home prices continue to rise, we understand how important it is to make affordable housing more accessible within the communities we serve," said Chris Holmes, President & CEO of FirstBank. "By teaming up with Zippy, FirstBank is creating pathways to homeownership for its customers."

About FirstBank 
FirstBank, a wholly owned subsidiary of FB Financial Corporation (NYSE: FBK), has approximately $12.8 billion in total assets, ranking it in the top 3% of all U.S. commercial banks. Since 1906, local banking has remained at the forefront of FirstBank's approach to serving businesses, families, and individuals within the communities it calls home. FirstBank is headquartered in Nashville, Tennessee, and has 82 full-service branches across Tennessee, South Central Kentucky, Alabama and North Georgia along with mortgage offices throughout the Southeast.

About Zippy
Zippy is a fintech company offering fully digital, fast and seamless manufactured home loans. Through Zippy's first-to-market full-stack digital lending platform, the company is providing an innovative solution for Manufactured Housing Community Operators and providing a modern and accessible experience for home buyers. Founded in 2021 by bankers-turned-community operators, CEO Ben Halliday, and President and COO, Jordan Bucy, Zippy's team is composed of mission-driven seasoned industry professionals working to expand housing affordability through modern lending solutions.

Contact: Staci Kirpach
Staci.Kirpach@FinnPartners.com

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SOURCE FirstBank

FAQ

What is FirstBank's recent investment about?

FirstBank invested in Zippy to enhance access to affordable manufactured home loans.

What is Zippy's business model?

Zippy offers a fully digital platform for fast and seamless manufactured home loans.

How many states does Zippy currently operate in?

Zippy operates in nine states and plans to significantly expand in 2023.

Why is FirstBank's investment significant?

The investment is aimed at addressing the rising need for affordable housing solutions.

What is the total asset size of FirstBank?

FirstBank has approximately $12.8 billion in total assets.