<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 67,384 <SECURITIES> 15,764,697 <RECEIVABLES> 37,339,845 <ALLOWANCES> (6,069,723) <INVENTORY> 0 <CURRENT-ASSETS> 49,556,027 <PP&E> 658,329 <DEPRECIATION> (138,976) <TOTAL-ASSETS> 64,176,648 <CURRENT-LIABILITIES> 1,642,179 <BONDS> 31,879,024 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 78,548 <OTHER-SE> 31,576,895 <TOTAL-LIABILITY-AND-EQUITY> 64,176,648 <SALES> 2,758,043 <TOTAL-REVENUES> 2,758,043 <CGS> 0 <TOTAL-COSTS> 2,272,911 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 821,559 <INCOME-PRETAX> 485,132 <INCOME-TAX> (83,583) <INCOME-CONTINUING> 401,549 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 401,549 <EPS-PRIMARY> 0.050 <EPS-DILUTED> 0.050