<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM IMPAC
COMMERCIAL HOLDINGS, INC. QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED
SEPTEMBER 30, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.

<MULTIPLIER> 1,000

                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-2000
<PERIOD-START>                             JAN-01-2000
<PERIOD-END>                               SEP-30-2000
<CASH>                                          11,013
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 451,347
<CURRENT-LIABILITIES>                           96,963
<BONDS>                                        266,738
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          5
<COMMON>                                            63
<OTHER-SE>                                      87,578
<TOTAL-LIABILITY-AND-EQUITY>                   451,347
<SALES>                                              0
<TOTAL-REVENUES>                                27,089
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 2,395
<LOSS-PROVISION>                                   638
<INTEREST-EXPENSE>                              18,850
<INCOME-PRETAX>                                  5,206
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              5,206
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     5,206
<EPS-BASIC>                                       0.60
<EPS-DILUTED>                                     0.57