<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> JUN-01-1996 <CASH> 1,588,461 <SECURITIES> 10,100,984 <RECEIVABLES> 46,558,061 <ALLOWANCES> (7,474,000) <INVENTORY> 0 <CURRENT-ASSETS> 53,172,919 <PP&E> 1,364,557 <DEPRECIATION> (180,530) <TOTAL-ASSETS> 70,471,770 <CURRENT-LIABILITIES> 1,701,668 <BONDS> 36,497,138 <PREFERRED-MANDATORY> 79,548 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 32,193,416 <TOTAL-LIABILITY-AND-EQUITY> 70,471,770 <SALES> 5,983,206 <TOTAL-REVENUES> 5,983,206 <CGS> 0 <TOTAL-COSTS> 4,917,175 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,670,531 <INCOME-PRETAX> 1,066,031 <INCOME-TAX> (210,876) <INCOME-CONTINUING> 855,155 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 855,155 <EPS-PRIMARY> 0.110 <EPS-DILUTED> 0.110