This paper proposes an efficient method based on a mixed-integer linear programming (MILP) model to solve the multistage Contingency-Constrained Transmission Expansion Planning (CCTEP) problem. To account for security, an iterative algorithm based on Line Outage Distribution Factors (LODF) screens the worst-case contingency (either in existing or candidate lines) and dynamically adds constraints to the Transmission Expansion Planning (TEP) formulation to enforce the security criterion, reducing both the number of decision variables and simulation times with respect to alternative approaches. Transmission losses are included through the use of piecewise linear expressions. Furthermore, operational flexibility of generation resources is considered through the use of representative daily load curves (RDLC) to allow modeling of generator ramping constraints. The method is initially illustrated and validated through numerical simulations of the classic Garver's system. Then, the IEEE 118-bus and 300-bus systems are used to test its performance. The proposed approach can avoid under-investment in network capacity caused by neglecting transmission losses, security, and flexibility constraints.