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FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP
1. Name of Reporting Person: Michael G. Conway
Address of Reporting Person: 505 Sansome Street, #1420
San Francisco, CA 94111
2. Date of Event Requiring Statement 10/13/98
3. Social Security # (Voluntary):
4. Issuer Name and Trading Symbol: Finet Holdings Corporation: FNHC
5. Relationship of Reporting Person: Officer
Title: Executive Vice president, Capital
Markets
6. If Amendment, Date of Original:
7. Reporting By: One Reporting Person
<TABLE>
Table I Non-Derivative Securities Beneficially Owned
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<CAPTION>
1 2 3 4
- -------- ------------ --------- ---------
Title Amount Ownership Nature of
of Beneficially Form Indirect
Security Owned D/I Ownership
- -------- ------------ --------- ---------
<S> <C> <C> <C>
Common 60,000<F1> D
<FN>
<F1>
15,000 shares vested upon grant on 10/13/98, remainder vest 11,250 each twelve
months; fully vested after 48 months
</FN>
</table
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</TABLE>
<TABLE>
Table II Derivative Securities (D/S) Beneficially Owned
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- ---------------------
<CAPTION>
1 2 3 4 5 6
- ------ --------------------- ----------------- -------- ------ ---------
Title Date Date Title/Number Exercise Owner Type of
of Exercisable Expires Underlying Price ship (I)
D/S M/D/Y M/D/Y Securities of D/S D/I Ownership
- ------ ----------- -------- ------ --------- -------- ------ ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Option <F1> 10/13/08 Common 300,000 $ 0.56 D
<FN>
<F1>
75,000 shares vested upon grant on 10/13/98, remainder vest 56,250 each twelve
months; fully vested after 48 months
</FN>
</TABLE>
/s/ Michael G. Conway 10/5/98
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Signature of reporting person Date