<ARTICLE> 5 <MULTIPLIER> 1 <CURRENCY> U.S. DOLLARS <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> JUN-30-1997 <EXCHANGE-RATE> 1.000 <CASH> 7,868,011 <SECURITIES> 4,358,484 <RECEIVABLES> 96,697,620 <ALLOWANCES> (15,207,260) <INVENTORY> 0 <CURRENT-ASSETS> 101,571,264 <PP&E> 2,663,052 <DEPRECIATION> (571,219) <TOTAL-ASSETS> 106,473,948 <CURRENT-LIABILITIES> 1,601,405 <BONDS> 90,636,396 <PREFERRED-MANDATORY> 80,188 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 14,155,959 <TOTAL-LIABILITY-AND-EQUITY> 106,473,948 <SALES> 9,786,013 <TOTAL-REVENUES> 9,786,013 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 5,150,225 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 3,547,779 <INCOME-PRETAX> 1,088,009 <INCOME-TAX> (721,670) <INCOME-CONTINUING> 1,809,679 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 1,809,679 <EPS-PRIMARY> 0.220 <EPS-DILUTED> 0.220