<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>