<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 56,927 <SECURITIES> 59,003 <RECEIVABLES> 6,697,112 <ALLOWANCES> (45,639) <INVENTORY> 0 <CURRENT-ASSETS> 7,039,571 <PP&E> 867,583 <DEPRECIATION> (139,686) <TOTAL-ASSETS> 7,767,468 <CURRENT-LIABILITIES> 188,334 <BONDS> 6,151,763 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 1,010,000 <OTHER-SE> 417,371 <TOTAL-LIABILITY-AND-EQUITY> 7,767,468 <SALES> 0 <TOTAL-REVENUES> 465,395 <CGS> 0 <TOTAL-COSTS> 338,545 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 123,140 <INCOME-PRETAX> 3,710 <INCOME-TAX> 0 <INCOME-CONTINUING> 3,710 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 3,710 <EPS-PRIMARY> 0 <EPS-DILUTED> 0