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                                                                   EXHIBIT 10.21

                    [SEARCH CAPITAL GROUP, INC. LETTERHEAD]

                                January 20, 1995

Mr. George C. Evans
1120 Desco Drive
Plano, TX 75075

Dear Mr. Evans:

         I am writing this letter to confirm your employment by Search Capital
Group, Inc. (the "Company") as President, Chief Executive Officer and Member of
the Board of Directors. the principal terms of your employment are set forth
below:

         Term:                       Three years commencing January 20, 1995.  

         Signing Bonus:              $50,000 to be paid immediately.           
                                                                              
         Salary:                     $233,333.30 per year payable on the 
                                     Company's regular payroll payments dates   
                                     (semi-monthly or monthly).                

         Annual Increase:            10% annual increase every year commencing 
                                     on the first anniversary of the           
                                     commencement date of your employment.     

         Bonus Plan:                 You will be eligible to receive a bonus   
                                     consisting of either 25%, 50% or 100%     
                                     of your salary based upon bonus targets   
                                     established by the Board of Directors     
                                     of the Company at its next meeting. For   
                                     any year in which you receive a bonus     
                                     of 50% or more, you will receive no 10%   
                                     annual salary increase for the subsequent 
                                     year. For any year for which you receive  
                                     a bonus of less than 50%, you will        
                                     receive your scheduled 10% annual salary  
                                     increase for the next year.               
                                                                               
         Stock Options:              You will receive a grant of stock options 
                                     under the Company's Stock Option Plan     
                                     to purchase 500,000 shares of Common      
                                     Stock. These options will vest ratably    
                                     over a three year period with one-third   
                                     vesting at the end                        
                                                                               
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Mr. George C. Evans
January 20, 1995
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                                     of the first year of your employment; an 
                                     additional one-third vesting at the end of
                                     your second year of your employment and 
                                     the final one-third vesting as of the end
                                     of the third year of your employment. 
                                     These options will be incentive stock 
                                     options to the extent possible and non-
                                     qualified options otherwise.

Termination:                         If your employment hereunder is terminated
                                     by the Company for cause, you shall
                                     receive your benefits hereunder which have
                                     vested through the date of termination. If
                                     your employment hereunder is terminated 
                                     without cause, you shall continue to 
                                     receive your then current salary for six 
                                     months and you shall receive six 
                                     additional months of vesting for your 
                                     stock options, but you shall not receive 
                                     a bonus. Cause for these purposes shall 
                                     be defined to mean being convicted of a 
                                     crime involving moral turpitude or 
                                     committing a dishonest act harmful to the
                                     Company.

         You will be entitled to the full indemnification of officers and
directors as provided for in the articles and bylaws of Search Capital Group,
Inc.

         If the foregoing sets forth your understanding of the terms of your
employment, please sign in the space indicated below and return a copy to me.
When you have executed this letter agreement, this agreement shall constitute a
valid binding contract between the Company and you.

                                        Sincerely yours,

                                        /s/ SAM MYERS
                                        ----------------------------------------
                                        Sam Myers,
                                        Chairman of the Board


Agreed to and Accepted:

/s/ GEORGE C. EVANS
------------------------------------------
George C. Evans