Chicago: Loan Origination Charges

[John Huynh]

Hi all, 

Could someone tell me if loan origination charges are a fixed amount or if it is a percentage of the loan? I have heard that there are online lenders that don't even charge loan origination charges. Any recommendations on how to find the best lender for a multi-unit property in Chicago?

[Tom Shallcross]

The origination can be either. Typically it's some sort of percent and then they'll have a few "underwriting" or "processing" fees. 

As for a lender on your multi-unit, depends on several variables as each lender has their own areas of specialization - loan size (a lot of commercial lenders have minimum loan sizes), property location, is there a rehab involved, how long do you want a fixed rate....etc