<ARTICLE> 5 <MULTIPLIER> 1 <CURRENCY> U.S. DOLLARS <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <EXCHANGE-RATE> 1.00000 <CASH> 5,680,225 <SECURITIES> 2,167,415 <RECEIVABLES> 60,410,192 <ALLOWANCES> (9,469,295) <INVENTORY> 0 <CURRENT-ASSETS> 71,899,042 <PP&E> 2,947,920 <DEPRECIATION> (998,975) <TOTAL-ASSETS> 73,847,987 <CURRENT-LIABILITIES> 1,905,851 <BONDS> 71,195,487 <COMMON> 79,968 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 666,681 <TOTAL-LIABILITY-AND-EQUITY> 73,847,987 <SALES> 3,920,994 <TOTAL-REVENUES> 3,920,994 <CGS> 0 <TOTAL-COSTS> 1,990,477 <OTHER-EXPENSES> 336,770 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 2,162,658 <INCOME-PRETAX> (568,911) <INCOME-TAX> 0 <INCOME-CONTINUING> (568,911) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (568,911) <EPS-PRIMARY> (0.070) <EPS-DILUTED> (0.070)