<PAGE> 1
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP
1. Name of Reporting Person: Antonio Falcao
Address of Reporting Person: 3021 Citrus Circle, #150
Walnut Creek, CA 94598
2. Date of Event Requiring Statement 2/16/99
3. Social Security # (Voluntary):
4. Issuer Name and Trading Symbol: Finet Holdings Corporation: FNHC
5. Relationship of Reporting Person: Director
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 0 D
Common 0 I
</table
<PAGE> 2
</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 2/16/99 2/16/09 Common 40,000 $ 2.84 D
</TABLE>
/s/ Antonio Falcao 2/26/99
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Signature of reporting person Date
