Housing completions continue to fall, but realtor and mortgage lender, Bermuda Home, provided record financing of $72.9 million (up $13.4 million) for mortgages and further charges to 421 customers for the year to March 31.

It represents an increase of $13.4 million over the previous year, as the personal and consumer loans department granted an additional 895 loans totaling $14.3 million, up $4 million over the previous year.

The report to shareholders for the year noted that the greater demand for short term loans was spurred by home improvements, investments and other personal requirements in addition to the traditional consumer items.

The record level of mortgage closings for Bermuda Home came as the primary requirement continued to be for mortgages for the purchase of homes for owner-occupancy. But further charges for additions and renovations rose during the year, and new construction mortgages continued to grow.

Mortgage applications for the construction or purchase of properties for investment or rental purposes fell.

The latter, said the report, reflects Government statistics showing a 21 percent fall in the completion of residential dwelling units each of the last two years.

The report also confirmed earlier preliminary statements that the firm's net income rose nearly 21 percent to a record $9.06 million, as revenues grew nearly 14 percent to $17.36 million. Operating expenses grew 7.5 percent to $8.31 million.

The strong growth in mortgage and loan portfolios led to total assets growing $35.6 million or 6.8 percent to $561.8 million by year's end.

Mortgage loans outstanding grew 8.5 percent to $391.8 million, while personal and consumer loans grew 41.6 percent to $18.8 million. Investments fell some $2.5 million to $5.5 million.

BUSINESS BUC