A Mississauga couple says their retirement dream has turned into financial stress and disappointment after a contractor they hired to renovate their basement took $85,000 and failed to complete the work.
Cristabell and Gino Carletti hired Basilica Construction, a Vaughan-based company they found through Instagram, in the spring of 2024 to convert their finished basement into a legal rental unit, complete with a kitchen and separate entrance. The renovation was meant to be completed within two months, but over a year later, the Carlettis are still without a usable basement.
“This was our dream for our future when we retire,” said Cristabell. “We wanted to have it finished so we could rent it out for a second income.”
The couple says they initially paid $35,000 to start the job, followed by an additional $50,000 in September 2024, which they financed through a loan from Financeit. Shortly after receiving the second payment, work came to a halt. The basement was left completely gutted and uninhabitable.
“This was a finished basement – completely finished – but they pretty much took it apart and destroyed it,” Gino explained. “Now we’re stuck, and we’re still paying off a loan for work that was never completed.”
The Carlettis told CTV News Toronto that they have since discovered other homeowners online with similar complaints about Basilica Construction. A Google search now shows the company listed as “permanently closed.” Multiple attempts by CTV News to contact the contractor for comment went unanswered.
The Carlettis’ frustration is compounded by the fact that they must continue repaying the $85,000 loan, even though the services were never rendered. According to the couple, Financeit disbursed the full loan amount directly to Basilica Construction — not to them.
In response to the situation, Financeit released a statement emphasizing that it operates solely as a lender and not as a service provider. “Basilica Construction and any affiliated businesses are no longer active merchant partners of Financeit,” the company said. “Financeit is actively investigating this matter and is committed to working with each affected borrower on an individual basis to ensure fair and timely resolutions.”
For now, the Carlettis are left struggling with debt and an incomplete basement they cannot afford to finish. “I feel sad and disappointed,” said Cristabell. “We are paying for something we didn’t get.”
The couple is urging others to do extensive background checks on contractors and seek references before entering into any renovation agreements.