<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 1,439,257 <SECURITIES> 0 <RECEIVABLES> 53,510,557 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 1,457,250 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 54,949,814 <CURRENT-LIABILITIES> 1,581,980 <BONDS> 50,858,259 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 50,000 <OTHER-SE> 2,459,575 <TOTAL-LIABILITY-AND-EQUITY> 54,949,814 <SALES> 0 <TOTAL-REVENUES> 1,318,723 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 1,112,982 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 205,741 <INCOME-TAX> 90,574 <INCOME-CONTINUING> 115,167 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 115,167 <EPS-PRIMARY> 2.30 <EPS-DILUTED> 0