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                                November 12, 1999



Board of Directors
Austin Funding.com Corporation
823 Congress Avenue
Suite 515
Austin, Texas  78701

         Re:  Austin Funding.com Corporation

Gentlemen:

         We have acted as counsel to Austin Funding.com Corporation (the
"Corporation") in connection with the preparation and filing with the Securities
and Exchange Commission of a registration statement on Form 10-SB under the
Securities Act of 1933, as amended, relating to the registration of common stock
of the Corporation and the Corporation's 8% Secured Subordinated Debentures (the
"Debentures").

         As counsel to the Corporation, we have examined the Amended and
Restated Articles of Incorporation and Bylaws of the Corporation as well as such
other documents and proceedings as we have considered necessary for the purposes
of this opinion. We have also examined and are familiar with the proceedings
taken by the Corporation to issue and sell up to $10,000,000 of 8% secured
subordinated debentures due 2015 of the Corporation (the "Debentures"). In
addition, we have examined a copy of the Corporation's Registration Statement on
Form SB-2, of which this opinion is an exhibit (the "Registration Statement"),
and that certain Indenture between the Corporation and Norwest Bank Texas, N.A.,
as Trustee, filed with the Securities and Exchange Commission under the
Securities Act of 1933, as amended, and the Trust Indenture Act of 1939.



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Board of Directors
Austin Funding.com Corporation
November 12, 1999
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         Based upon the foregoing, and having regard to legal considerations
which we deem relevant, we are of the opinion that the Debentures, when issued,
will have been validly issued and will be binding obligations of the
Corporation.

         We consent to the filing of this opinion with the Securities and
Exchange Commission as an exhibit to the Registration Statement and to the use
of our name under the heading "Legal Matters" in the Registration Statement.

                                       Very truly yours,

                                       SELMAN & MUNSON, P.C.


                                       By:
                                           -------------------------------------
                                           Jack A. Selman, President