Business loan agreement lapsed due to C19 so I’m being told I need to repay my fee again!

lucy010

I was in the middle of buying a cafe when the lockdown happened. My loan was agreed and I’d paid the finance people my fee for sorting it.  I just got an email to say if I don’t draw the money now I’ll have to reapply for the loan as it will be void and I’ll need to pay the finance guy another fee to re do it!
i paid him £1200 and can’t afford to pay that again, he tried to get me to draw it but at the moment the business is obviously not trading so it would be stupid for me to continue with the sale until this all passes.  I honestly don't know what to do as I just can’t afford to repay the fee so I might lose the sale.
I don't understand why the loan application wasn’t just put on hold with everyone being in the same boat and continue the application when the lockdown is lifted, maybe that’s me just being too hopeful that people would do that but my finance guy just said ‘that’s business’.
Any help would be much appreciated

lucy 

[Deleted User]

You just need to calculate the how long it would take you to pay interest of £1200 and then decide whether to delay or not.

I
But if you genuinely can't afford to pay it again, then the choice is out of your hands.  It would be best to forget the whole thing until you've got some funds behind you.

Thrugelmir

The lender has committed the money to you. If it is not drawndown then it's not making any interest for them. Simply cannot be parked in case you decide to proceed at some point in the future. The lender will wish to advance the funds to someone who actually needs it. 
The cafe business may well be worth a lot less now. Should you still be thinking of buying it.