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  • Landlords in Distress

    Sam Eustace and Kingsman Property - Concerns

    Hi Folks

    I just wanted to post a warning about Sam Eustace and Kingsman Property.

    Kingsman Property loaned £7,290 for a 3 year term from my pension scheme.  The loan was made on a PG basis with Sam signing a separate document confirming appropriate legal advice had been taken by himself regarding the PG.

    Furthermore, I made this loan knowing the risks and rewards - I have other loans where I sit as the senior debt.  That isn't the point of this post, it's to warm folks.

    I'm one of the lucky ones, essentially with the payments received to date the principle loan amount has been repaid, but many (including some good friends of mine) are not in this position.

    Unfortunately, Sam is sending out emails spouting excuse after excuse.  Some of the excuses even conflict.... Personally I'm beginning to think he maybe running a (*Moderate note: Content removed*).

    I attempted to call and text Sam prior to posting BUT he was "too busy" to deal with this matter.....

    Sam is welcome to comment - I'm open to a dialog with him.  However he failed to keep the promises made directly to me (in writing) last month.

    If you're considering working with him, loaning to him and / or any of his companies, please carry out extensive due diligence. 

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    Thanks for the warning. Hopefully next time people google his name they will find this thread and save them from losing their money. Thats the good thing about property tribes Smile

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    Hi Karen, there are many investors who are in similar situation. We have formed a WhatsApp group and hopefully working on taking collective action. Trying to find out how we were introduced to this route may help as well. If you are interested in joining this WhatsApp group, please message me.
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    Hello

    I had a contract with this man and his company Kingsman in January to clean and maintain about 45 of his HMO round Kingston Richmond TOOTING AND Wandsworth areas

    That was in January.  We clean daily each one is cleaned every two weeks .We did notice his payments was getting later and later then in April he owed us about £2000 we told him we are suspending the work until he clears his debt as he now owed over £2000 - same thing just excuses he could not find the money and he collects rent every 1st of each month from tenants .I believe he has hidden the money somewhere and he is not alone some if the girls working with him are on this too they all knew him well and agreed to work wth him.

    At the moment he owes us £2560 the case has been taken to court and the courts papers issued to him and his company.   I have requested bailliffs to attend his Kingsman office to get my money or remove goods but now I think they would have abandoned the office premises and on the run..I have about 5 numbers for some of his staff including ...

    (*Moderator note:  Content removed*).

    Anyway there is a place where we pick up our work and this morning I was there just browsing and a job came up again for Kingsman Properties which I was shocked as he said he was going into liquidation but here they were still advising and looking for contractors. I have now accepted the work and going over there with a couple of my staff to see what happens or who is actually hiding there as I know he had left his house and gone into hiding.

    The house is in Sutton I have the address and will come back after to let you all know what happened there or who I met there .I need to know if I can join any group that he owes money to who are trying to find him pls.

    Regards

    Fuad

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    The office closed over a weekend and he run away. Make your own judgement on that one. He is shacked up in a little flat. I know the location as already visited the property. He's hiding under a stone.

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    Hello Folks. I am livid about the said individual. He took 'our' money, firstly mine then 4 weeks later my other half's £30,000 each. He never invested it just used it to pay off debt. If would like to join this whats app group. How do I do so. Also, I KNOW 100% where the said individual is hiding. I spoke to him before he folded the business and looked to find a rock for where he could hide. He told me he was 'trying to steady the ship' - in fact he was obviously trying to find a location to stash the cash or launder it through a building company business.

    Regards

    Roses x

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    Wow - shockingly unprofessional behaviour on his part.   "too busy" to speak to his concerned investors - that speaks volumes - hopefully that will be a big red flag to any other people considering doing business with him for sure.  Sounds like he is robbing Peter to pay Paul?   

    Seems like quite a number of sharks have shown their true colours recently at a high cost to investors and mentees.  Why can't these people behave in an honourable and ethical way to earn a living rather than ripping others off???

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    I have done two loan investments with Sam, my brother did one, and my father did another, so jointly as an extended family, we have a fair bit of money tied up with him. Of course it was the lure of the attractive interest rates which drew us.  

    I am now feeling more than a little foolish, because loan payments have either been late, or not paid at all. This last May I received payment for the smaller loan agreement which was the second one I did, but the other one is now three weeks overdue. Neither my dad or my brother have been paid this month.

    These last three weeks have been utter torture, with either ignored phone calls or messages, or promise of payment, or excuses such as "I forgot", all of which are clearly a tactic in prevarication.

    The repeated calls for more investors makes one wonder whether investor's money is being used to pay off other investors.  It is supposed to be used for the equipping and furnishing of new rent to rent deals. That was the original idea anyway.

    My calls have been ignored altogether for nearly a week now......

    Best draw your own conclusions about the state of affairs at Kingsman Property.

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