<ARTICLE>                    5
       
                                             
<FISCAL-YEAR-END>                               DEC-31-1998
<PERIOD-START>                                  JAN-01-1998
<PERIOD-END>                                    MAR-31-1998
<PERIOD-TYPE>                                         3-MOS
<CASH>                                           12,599,944
<SECURITIES>                                     17,992,197
<RECEIVABLES>                                     3,326,920
<ALLOWANCES>                                        242,102
<INVENTORY>                                         244,406
<CURRENT-ASSETS>                                          0
<PP&E>                                                    0
<DEPRECIATION>                                            0
<TOTAL-ASSETS>                                   57,073,093
<CURRENT-LIABILITIES>                                     0
<BONDS>                                          15,237,728
<COMMON>                                              1,000
<PREFERRED-MANDATORY>                                     0
<PREFERRED>                                      11,250,000
<OTHER-SE>                                       15,339,744
<TOTAL-LIABILITY-AND-EQUITY>                     57,073,093
<SALES>                                                   0
<TOTAL-REVENUES>                                  5,351,158
<CGS>                                                     0
<TOTAL-COSTS>                                     4,131,083
<OTHER-EXPENSES>                                          0
<LOSS-PROVISION>                                    100,000
<INTEREST-EXPENSE>                                1,290,405
<INCOME-PRETAX>                                    (170,330)
<INCOME-TAX>                                        (49,192)
<INCOME-CONTINUING>                                (121,138)
<DISCONTINUED>                                            0
<EXTRAORDINARY>                                           0
<CHANGES>                                                 0
<NET-INCOME>                                       (121,138)
<EPS-PRIMARY>                                        $(0.05)
<EPS-DILUTED>                                        $(0.05)