CRE Bridge in Stillwater

Two lanes: campus-adjacent rental blocks near Oklahoma State, and oilfield-service or storage-terminal property 25 miles east in Cushing. Stillwater is 37.1% owner-occupied, so roughly six in ten occupied units are rented, and the asset that turns up most in a bridge file is an older apartment or rent-house block bought to reposition into per-bedroom student leasing. Cushing is a different economy entirely: it is the NYMEX WTI delivery point, described by the EIA as "an important crude oil market center," with 22.4 million barrels in storage as of late August 2026. We found no metro-level CRE vacancy, rent or cap-rate series for either market, so underwrite the tenant and the lease, not a published comp.

Because repositioning a rental block into per-bedroom student leasing, or buying out a partner, is exactly the file a bank underwriting committee passes on until the asset already cash flows. We fund that stretch with our own capital, up to $10M and 75% LTV, interest-only, for 24 to 36 months, then refinance you into permanent debt we also place in house. The demand base behind the lease is durable and getting stronger: Oklahoma State's Stillwater campus hit 27,655 students in fall 2025, its second consecutive record enrollment year and fourth consecutive record freshman class.

About 1.15% of fair cash value in the City of Stillwater, and it shifts with the school district your parcel sits in. Payne County assesses real property at 11.40%, above the 11% constitutional floor Oklahoma's two core metro counties sit at. The Stillwater / I-16 school district carried 101.27 total mills for the 2025-2026 tax year: 11.40% x 101.27 mills works out to roughly $1,154 per $100,000 of value, about 1.15% (our arithmetic on the certified sheet). Cross to the Perkins / I-56 district and the same value carries the highest levy in the county at 104.16 mills; drop to Cushing's I-67 district and it falls to 88.69 mills, roughly 1.01%. There is no homestead exemption on an investor-owned property anywhere in the county.

Plan for a thin trade base, not a big-metro contractor bench. Payne County's entire construction sector is 1,705 jobs across 234 establishments as of December 2025. That is the pool a repositioning project, a lease-up rehab, or a Cushing tenant improvement draws from, and it competes with every other build in the county for the same crews. Build the contingency into your draw schedule rather than assuming Oklahoma City or Tulsa-scale capacity.

Judicial by default, with an opt-in power of sale that still runs on a fixed clock. Oklahoma foreclosure goes through district court unless the mortgage carries the statutory bold-language power-of-sale legend, in which case a 35-day cure notice, 30 days of service, and four consecutive weekly publications precede the sale. On the judicial track, a mortgage with appraisement waived cannot get an order of sale for six months after judgment; leave appraisement in and the minimum bid floor is two-thirds of the appraised value instead. A deficiency claim must be filed within 90 days of the sale on either track. None of the homestead election that lets a residential borrower force a judicial process applies to an LLC-owned commercial property in Stillwater or Cushing, so the timeline runs as written in the note. Have an Oklahoma attorney review the remedy language before you sign, and talk to us about the structure.

Yes, Oklahoma's mortgage registration tax scales with the loan's stated term. It runs 0.02% of principal under two years, stepping up to 0.10% at five years or more, plus a $10 county treasurer certification fee. A 24-month Stillwater or Cushing bridge falls in the 0.04% step and a 36-month bridge in the 0.06% step, against 0.10% on a 30-year permanent loan of the same size. The mortgage has to state a maximum principal, though: an instrument with no stated cap is taxed on the county's value of the property instead, which is the wrong side of that trade on a construction-heavy reposition.

Bridge capital is for repositioning or stabilizing a commercial property before permanent financing: value-add, lease-up, a partner buyout, or pulling equity out through a cash-out. We lend across property types on terms up to 24 to 36 months, with loans up to $10M.

Our commercial bridge pricing starts around 9%, interest-only, up to roughly 75% loan-to-value, on terms up to 24 to 36 months. Published bridge pricing generally runs 8% to 12% with 1 to 3 points. Final terms depend on the asset, the business plan, and sponsor strength.

Commercial deals usually close in 2 to 4 weeks. They take a little longer than residential because of the appraisal, the rent roll and operating-statement review, and any third-party reports. We move as fast as the diligence allows and keep one point of contact on your file.

Not necessarily at closing. Bridge loans are often underwritten interest-only to the as-stabilized business plan rather than a minimum in-place DSCR, since the property is being repositioned. We do want to see a credible path to stabilization and enough in-place income or reserves to carry the loan.

Typically the purchase contract or current debt, a rent roll and trailing-12-month operating statement, your business plan and renovation budget, and sponsor financials. Larger assets may also need a property condition report and an environmental review. We will give you a clear checklist up front.

Most bridge loans are recourse with a personal guarantee, while lower-leverage non-recourse can be possible on stronger assets. Cash-out is available when there is equity to support it. We structure recourse and leverage around the specific deal.