<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEPTEMBER 30, 1998 FORM 10-Q OF THE PMC COMMERCIAL TRUST AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               SEP-30-1998
<CASH>                                              18
<SECURITIES>                                       107
<RECEIVABLES>                                  126,165<F1>
<ALLOWANCES>                                      (90)
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                          62,730
<DEPRECIATION>                                   (488)
<TOTAL-ASSETS>                                 197,347<F2>
<CURRENT-LIABILITIES>                            8,634<F3>
<BONDS>                                         95,216
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        94,054
<OTHER-SE>                                       (557)
<TOTAL-LIABILITY-AND-EQUITY>                   197,347
<SALES>                                              0
<TOTAL-REVENUES>                                13,129
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 1,966
<LOSS-PROVISION>                                    30
<INTEREST-EXPENSE>                               2,555
<INCOME-PRETAX>                                  8,578
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              8,578
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     8,578
<EPS-PRIMARY>                                     1.32
<EPS-DILUTED>                                     1.32
<FN>
<F1>INCLUDES CURRENT AND LONG-TERM PORTION OF ALL LOANS RECEIVABLE - BEFORE RESERVE
AND RELATED INTEREST RECEIVABLE.
<F2>INCLUDES THE FOLLOWING ITEMS NOT INCLUDED ABOVE:
(i)    OTHER ASSETS, NET              $  849
(ii)   DEFERRED BORROWING COSTS          744
(iii)  RESTRICTED INVESTMENTS          7,312
                                      ------
                                      $8,905
                                      ======
<F3>INCLUDES THE FOLLOWING ITEMS NOT INCLUDED ABOVE:
(i)    DIVIDENDS PAYABLE              $2,931
(ii)   OTHER LIABILITIES               1,766
(iii)  INTEREST PAYABLE                  466
(iv)   BORROWER ADVANCES               2,215
(v)    UNEARNED COMMITMENT FEES          648
(vi)   DUE TO AFFILIATES                 608
(vii)  UNEARNED CONSTRUCTION
       MONITORING FEES                    --
                                      ------
                                      $8,634
                                      ======
</FN>