<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 119481 <SECURITIES> 0 <RECEIVABLES> 10133061 <ALLOWANCES> 252000 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 11743253 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 1475011 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 10268242 <TOTAL-LIABILITY-AND-EQUITY> 1174325 <SALES> 0 <TOTAL-REVENUES> 245554 <CGS> 0 <TOTAL-COSTS> 23676 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 50200 <INTEREST-EXPENSE> 34860 <INCOME-PRETAX> 136818 <INCOME-TAX> 0 <INCOME-CONTINUING> 136818 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 136818 <EPS-PRIMARY> .00 <EPS-DILUTED> .00