<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                         529,473
<SECURITIES>                                         0
<RECEIVABLES>                               49,074,195<F1>
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               581,843
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              44,603,668
<CURRENT-LIABILITIES>                        1,632,311
<BONDS>                                     45,855,996<F2>
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        50,000
<OTHER-SE>                                   2,065,361
<TOTAL-LIABILITY-AND-EQUITY>                49,603,668
<SALES>                                              0
<TOTAL-REVENUES>                             1,190,216
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             1,121,886<F3>
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 68,330
<INCOME-TAX>                                    33,079
<INCOME-CONTINUING>                             35,251
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    35,251
<EPS-PRIMARY>                                     0.71
<EPS-DILUTED>                                        0
<FN>
<F1>Receivable: Consists of A/R 52,370, and collateral notes
                Receivable 49,021,825
<F2>Bonds:      Loans payable to affilates 45,855,996
<F3>Other       expenses: Interest on loan agreements 718,199 general and
                administrative 403,687
</FN>