<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> DEC-31-1997 <CASH> 6,594,985 <SECURITIES> 2,242,069 <RECEIVABLES> 97,481,538 <ALLOWANCES> (19,000,487) <INVENTORY> 0 <CURRENT-ASSETS> 94,514,671 <PP&E> 3,197,482 <DEPRECIATION> (1,098,356) <TOTAL-ASSETS> 96,613,797 <CURRENT-LIABILITIES> 2,112,630 <BONDS> 93,189,825 <PREFERRED-MANDATORY> 79,968 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 1,231,374 <TOTAL-LIABILITY-AND-EQUITY> 96,613,797 <SALES> 19,846,231 <TOTAL-REVENUES> 19,846,231 <CGS> 0 <TOTAL-COSTS> 10,943,150 <OTHER-EXPENSES> 3,408,579 <LOSS-PROVISION> 12,456,124 <INTEREST-EXPENSE> 8,145,959 <INCOME-PRETAX> (15,107,581) <INCOME-TAX> (3,985,977) <INCOME-CONTINUING> (11,121,604) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (11,121,604) <EPS-PRIMARY> (1,390) <EPS-DILUTED> (1,390)