<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> SEP-30-1996 <CASH> 89,513 <SECURITIES> 7,890,053 <RECEIVABLES> 52,444,692 <ALLOWANCES> (11,435,161) <INVENTORY> 0 <CURRENT-ASSETS> 52,946,179 <PP&E> 1,856,365 <DEPRECIATION> (257,072) <TOTAL-ASSETS> 69,624,882 <CURRENT-LIABILITIES> 813,217 <BONDS> 41,022,138 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 79,548 <OTHER-SE> 27,709,979 <TOTAL-LIABILITY-AND-EQUITY> 69,624,882 <SALES> 9,337,042 <TOTAL-REVENUES> 9,337,042 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 5,494,563 <LOSS-PROVISION> 6,926,000 <INTEREST-EXPENSE> 2,678,941 <INCOME-PRETAX> (5,762,462) <INCOME-TAX> (2,129,640) <INCOME-CONTINUING> (3,632,822) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,632,822) <EPS-PRIMARY> (0.460) <EPS-DILUTED> (0.460)