<PAGE> 1
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP
1. Name of Reporting Person: Kevin Gillespie
Address of Reporting Person: 3021 Citrus Circle, #150
Walnut Creek, CA 94598
2. Date of Event Requiring Statement 3/9/99
3. Social Security # (Voluntary):
4. Issuer Name and Trading Symbol: Finet Holdings Corporation: FNHC
5. Relationship of Reporting Person: Officer
Title: Executive Vice President-Sales &
Marketing
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>
</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>
Employee Stock Option (right Common
to buy) 3/5/99 <1> Stock 350,000 $ 1.97 D
<1>
70,000 shares vested upon grant; remainder vests in 4 equal annual installments
beginning 3/5/00.
</TABLE>
/s/ Kevin Gillespie 3/19/99
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Signature of reporting person Date
