<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> JUN-30-1996 <CASH> 1,588,461 <SECURITIES> 10,100,984 <RECEIVABLES> 47,326,821 <ALLOWANCES> (8,352,760) <INVENTORY> 0 <CURRENT-ASSETS> 53,063,919 <PP&E> 1,364,557 <DEPRECIATION> (180,530) <TOTAL-ASSETS> 68,361,770 <CURRENT-LIABILITIES> 984,325 <BONDS> 36,497,138 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 79,548 <OTHER-SE> 30,800,759 <TOTAL-LIABILITY-AND-EQUITY> 68,361,770 <SALES> 5,873,206 <TOTAL-REVENUES> 5,873,206 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 3,246,644 <LOSS-PROVISION> 2,000,000 <INTEREST-EXPENSE> 1,670,531 <INCOME-PRETAX> (1,043,969) <INCOME-TAX> (506,467) <INCOME-CONTINUING> (537,502) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (537,502) <EPS-PRIMARY> (0.070) <EPS-DILUTED> (0.070)