EXHIBIT 5.1
        
          [LETTERHEAD OF FRESHMAN, MARANTZ, ORLANSKI, COOPER & KLEIN]


                                 March 31, 1997



Imperial Credit Industries, Inc.
23550 Hawthorne Boulevard
Building One, Suite 110
Torrance, California 90505

  Ladies and Gentlemen:

We have acted as counsel to Imperial Credit Industries, Inc., a California
corporation (the "Company"), Imperial Business Credit, Inc., a California
corporation, Imperial Credit Advisors, Inc., a California corporation and
Franchise Mortgage Acceptance Company LLC, a California limited liability
company and Auto Marketing Network, Inc. (collectively referred to herein as the
"Subsidiary Guarantors") in connection with the preparation and filing with the
Securities and Exchange Commission of the Registration Statement on Form S-4,
File No. 333-22141 (as amended, the "Registration Statement"), of the Company
and the Subsidiary Guarantors for registration under the Securities Act of 1933,
as amended, of $200,000,000 aggregate principal amount of the Company's 9 7/8%
Series B Senior Notes Due 2007 (the "New Notes") and the Subsidiary Guarantors'
guaranties in connection therewith (the "Guaranties"), each issuable in
connection with the exchange offer of New Notes for the Company's 9 7/8% Senior
Notes Due 2007 (the "Old Notes").

In so acting, we have examined originals or copies, certified or otherwise
identified to our satisfaction, of the Registration Statement, the Indenture,
dated as of January 23, 1997 (the "Indenture"), among the Company, the
Subsidiary Guarantors and Chemical Trust Company of California, as trustee (the
"Trustee"), pursuant to which the New Notes will be issued, the form of the New
Notes included as Exhibit 4.2 to the Registration Statement and such corporate
records, agreements, documents and other instruments, and such certificates or
comparable documents of public officials and of officers and representatives of
the Company and the Subsidiary Guarantors, and have made such inquiries of such
officers and representatives, as we have deemed relevant and necessary as a
basis for the opinions hereinafter set forth.

In such examination, we have assumed the genuineness of all signatures, the
legal capacity of natural persons, the authenticity of all documents submitted
to us as originals, the conformity

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to original documents of all documents submitted to us as certified or
photostatic copies and the authenticity of the originals of such latter
documents.

As to all questions of fact material to this opinion that have not been
independently established, we have relied upon certificates or comparable
documents of officers and representatives of the Company and the Subsidiary
Guarantors.

Based on the foregoing, and subject to the qualifications stated herein, we are
of the opinion that:

     1.   The New Notes have been duly authorized by the Company and, when
     executed on behalf of the Company, authenticated by the Trustee and
     delivered in accordance with the terms of the Indenture and as contemplated
     by the Registration Statement, will constitute the legal, valid and binding
     obligations of the Company, enforceable against it in accordance with their
     terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
     reorganization, moratorium and similar laws affecting creditors' rights and
     remedies generally, and subject, as to enforceability, to general
     principles of equity, including principles of commercial reasonableness,
     good faith and fair dealing (regardless of whether enforcement is sought in
     a proceeding at law or in equity).

     2.   (a) The Guaranties of the Subsidiary Guarantors, have been duly
     authorized by each of the Subsidiary Guarantors and, when executed and
     delivered by each of the Subsidiary Guarantors in accordance with the terms
     of the Indenture and as contemplated by the Registration Statement, will
     constitute valid and binding obligations of each of the Subsidiary
     Guarantors, enforceable against each entity in accordance with their terms,
     subject to applicable bankruptcy, insolvency, fraudulent conveyance,
     reorganization, moratorium and similar laws affecting creditor's rights and
     remedies generally and subject, as to enforceability, to general principles
     of equity, including principles of commercial reasonableness, good faith
     and fair dealing (regardless of whether enforcement is sought in a
     proceeding at law or in equity).

The opinions expressed herein are limited to the laws of the State of California
and the federal laws of the United States, and we express no opinion as to the
effect on the matters covered by this letter of the laws of any other
jurisdiction.

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The opinions expressed herein are rendered solely for your benefit in connection
with the transactions described herein.  Those opinions may not be used or
relied upon by any other person, nor may this letter or any copies thereof be
furnished to a third party, filed with a governmental agency, quoted, cited or
otherwise referred to without our Prior written consent, except that we hereby
consent to the use of this opinion as an exhibit to the Registration Statement.
We further consent to the reference to our name under the caption "Legal
Matters" in the prospectus which is a part of the Registration Statement.

                                        Very truly yours,
 

                                        FRESHMAN, MARANTZ, ORLANSKI,
                                        COOPER & KLEIN

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