<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               JUN-30-1996
<CASH>                                       1,027,975
<SECURITIES>                                         0
<RECEIVABLES>                                4,041,842
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            40,978,531
<PP&E>                                       1,439,956
<DEPRECIATION>                               1,129,124
<TOTAL-ASSETS>                              47,047,016
<CURRENT-LIABILITIES>                       40,871,430
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       218,843
<OTHER-SE>                                   5,956,743
<TOTAL-LIABILITY-AND-EQUITY>                47,047,016
<SALES>                                      6,095,429
<TOTAL-REVENUES>                             7,725,802
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             3,187,483
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           1,150,266
<INCOME-PRETAX>                              3,388,053
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          3,388,053
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 3,388,053
<EPS-PRIMARY>                                      .79
<EPS-DILUTED>                                      .73