<ARTICLE>                     5
<MULTIPLIER>                  1
       
                             
<PERIOD-TYPE>                   12-MOS  
<FISCAL-YEAR-END>                              DEC-31-1996
<PERIOD-START>                                 JAN-01-1996
<PERIOD-END>                                   DEC-31-1996
<CASH>                                          10,687,475
<SECURITIES>                                     4,892,199
<RECEIVABLES>                                   61,638,934
<ALLOWANCES>                                   (15,725,390)
<INVENTORY>                                              0
<CURRENT-ASSETS>                                69,818,720
<PP&E>                                           2,077,919
<DEPRECIATION>                                    (352,145)
<TOTAL-ASSETS>                                  74,451,081
<CURRENT-LIABILITIES>                            1,718,901
<BONDS>                                         60,404,791
<PREFERRED-MANDATORY>                                    0
<PREFERRED>                                              0
<COMMON>                                            79,458
<OTHER-SE>                                      12,247,841
<TOTAL-LIABILITY-AND-EQUITY>                    74,451,081
<SALES>                                         13,185,123
<TOTAL-REVENUES>                                13,185,123
<CGS>                                                    0
<TOTAL-COSTS>                                    8,102,384
<OTHER-EXPENSES>                                11,193,328
<LOSS-PROVISION>                                13,351,000
<INTEREST-EXPENSE>                               3,989,912
<INCOME-PRETAX>                                (23,451,501)
<INCOME-TAX>                                    (4,352,000)
<INCOME-CONTINUING>                            (19,099,501)
<DISCONTINUED>                                           0
<EXTRAORDINARY>                                          0
<CHANGES>                                                0
<NET-INCOME>                                   (19,099,501)
<EPS-PRIMARY>                                       (2,410)
<EPS-DILUTED>                                       (2,410)