<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 1,045,503 <SECURITIES> 0 <RECEIVABLES> 62,134 <ALLOWANCES> 15,551 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 4,954,874 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 3,402,608 <TOTAL-LIABILITY-AND-EQUITY> 4,954,874 <SALES> 0 <TOTAL-REVENUES> 416,246 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 185,277 <LOSS-PROVISION> 4,162 <INTEREST-EXPENSE> 39,376 <INCOME-PRETAX> 187,431 <INCOME-TAX> 0 <INCOME-CONTINUING> 187,431 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 187,431 <EPS-PRIMARY> 0 <EPS-DILUTED> 0