Fix and Flip in Stillwater

Plan around a four-and-a-half-day municipal week, and do not expect a published fee schedule to hold you to a number. Stillwater City Hall is open Monday through Thursday 7:30 am to 5:30 pm and only 7:30 to 11:30 am on Friday, so counter submissions and follow-up questions compress into fewer working hours than a typical five-day city. Development Services handles building permits at 723 S. Lewis Street, (405) 742-8220. The city has not published a fee schedule or a review-timeline figure we could verify, so confirm both directly with Development Services before you lock a rehab budget or a draw schedule.

About 1.15% of fair cash value a year, and there is no homestead exemption to soften it. Payne County applies an 11.40% assessment ratio, and the City of Stillwater's total mill levy is 101.27 mills, which works out to roughly $1,154 per $100,000 of fair cash value (11.40% x 101.27 mills). Oklahoma's 5% valuation cap does cover non-homestead investment property, not just owner-occupied homes, but it resets in any year title transfers and again in any year you improve the property, so a flip gets no cap benefit at either purchase or renovation. Underwrite the reset value, not the seller's old tax bill.

Roof age is the line item, not an afterthought. Payne County sits in the central Oklahoma corridor between Oklahoma City and Tulsa, where tornado and hail are the dominant perils, and Oklahoma is the most expensive homeowners insurance market in the country. A roof original to a 1970s or 1990s Stillwater rental is the underwriting problem: an actual-cash-value roof endorsement shifts replacement cost onto the owner, and a roof you replace during rehab is a documentable improvement to the insurance line at resale. The state's Strengthen Oklahoma Homes grant pays up to $10,000 toward a FORTIFIED roof upgrade, but it is described as a homeowner program and investor eligibility could not be verified, so do not underwrite to it.

Often another investor, not a retail homeowner. Only 37.1% of occupied Stillwater housing units are owner-occupied, so roughly six in ten households rent, and Oklahoma State University's fall 2025 enrollment of 27,655 on the Stillwater campus sets the local leasing calendar. A finished house near campus is as likely to sell to a landlord underwriting a per-bedroom student lease as to a family moving in, and the practical clock to work against is the August lease-up, not a generic days-on-market figure. No flip-volume or flip-margin statistic exists for this market, so build your exit on comparable sales and rent comps, not a published flip benchmark.

The trade base is thin, so lock your contractor before you lock your draw schedule. Payne County's entire construction sector was 1,705 jobs across 234 establishments in December 2025, a small pool for a college town where football-weekend demand also pulls trades toward short-term turn work. A scattered-site rehab program of any real size is competing for the same crews. Build float into your timeline rather than assuming a large-metro labor market.

Yes, and it is worth pricing into your closing cost line. Oklahoma taxes a mortgage by its term rather than a flat rate: two cents per $100 for a mortgage under two years, versus ten cents per $100 at five years or more, plus a $10 county treasurer certification fee. On a $200,000 6-month Stillwater bridge loan that is roughly $40 in mortgage tax against $200 on an equivalent 30-year mortgage (200,000 / 100 x 0.02 = 40; 200,000 / 100 x 0.10 = 200). Pair that with the state's flat $0.75-per-$500 deed stamp at resale, and Stillwater's transfer and recording costs stay a small piece of the carry even on a fast-turn flip.

We fund up to 90% of the purchase price and up to 100% of your rehab budget, with the total capped against the after-repair value (ARV). Rehab money is released in draws as the work is completed.

Our fix and flip pricing starts around 9.99%, interest-only, with origination typically 1 to 3 points depending on your experience, leverage, and the deal, and every quote is subject to underwriting. Across the market most flip loans run roughly 9% to 12%. On most flip loans, including ours, interest is charged on the full loan amount, rehab budget included. Paying interest only on rehab funds as you draw them exists in the market, but it is the exception, not the rule.

No. We work with first-time flippers as well as full-time operators. Experience mainly affects your leverage and rate, since a longer track record earns higher loan-to-cost and better pricing. A newer investor can still get funded with a sound deal, a realistic budget, and a clear exit.

We can get you a term sheet the same day on a complete application, and we typically fund within 48 hours of clear title. The main variable is how fast title and insurance come together, which is why a full close usually runs 5 to 7 days. Because we are the lender and underwrite in house, there is no second layer of approval to wait on.

No. Our fix and flip loans have no prepayment penalty, so paying off early when the property sells costs you nothing extra. Terms run 6 months, and because there is no penalty, selling sooner never costs you extra.

We run credit, but this is an asset-based loan, so the property, your budget, and the ARV matter most. We do not ask for W-2s or tax returns to qualify a flip. We will want to confirm you have reserves to carry the project to its exit.