CITYSCAPE FINANCIAL CORP
4, 1997-05-09
MORTGAGE BANKERS & LOAN CORRESPONDENTS
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                                                           OMB APPROVAL        
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- ------                                              OMB Number:   3235-0287    
FORM 4                                              Expires:  April 30, 1997   
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                                                    hours per response .... 0.5
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                                 U.S. SECURITIES AND EXCHANGE COMMISSION
                                          WASHINGTON, DC 20549
                                       
                               STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
/ / Check this box if no                                                     
    longer subject to         Filed pursuant to Section 16(a) of the Securities 
    Section 16. Form 4            Act of 1934, Section 17(a) of the 
    or Form 5 obligations         Public Utility Holding Company Act of 1935
    may continue. See              or Section 30(f) of the Investment Company
    Instruction 1(b).                           Act of 1940               

<TABLE> 
<S>                             <C>            <C>                        <C>                <C>          <C>            <C>   
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 1. Name and Address of Reporting Person       2. Issuer Name and Ticker or Trading Symbol   6. Relationship of Reporting Person to
     PATENT,      ROBERT            C.              CITYSCAPE FINANCIAL CORP. (CTYS)            Issuer (Check all applicable)
- ---------------------------------------------------------------------------------------------    X  Director       X 10% Owner
  (Last)          (First)          (Middle)    3. IRS or Social Security  4. Statement for      ----              ---
                                                  Number of Reporting        Month/Year          X  Officer (give    Other (Specify
               44 COLBY LANE                      Person (Voluntary)         APRIL 1997         ----        title ---       below)
- ---------------------------------------------                             -------------------               below)
                 (Street)                                                                         VICE CHAIRMAN OF THE BOARD,
                                                                                                  EXECUTIVE V.P., TREASURER AND     
                                                                                                  ASSISTANT SECRETARY
                                                                                                  ---------------------------------
                                                                          5. If Amendment,   7. Individual or Joint/Group Filing  
                                                                             Date of            Reporting (Check Applicable Line)
                                                                             Original            X   Form filed by One Reporting 
                                                                             (Month/Year)       ---- Person
                                                                                                ---- Form filed by More than One
 SCARSDALE        NEW YORK           10583                                                           Reporting Person
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  (City)           (State)           (Zip)     TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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 1. Title of Security           2. Trans-   3. Transac-  4. Securities Acquired (A)  5.  Amount of Se-    6. Owner-      7. Nature  
  (Instr. 3)                       action      tion         or Disposed of (D)           curities Benefi-    ship           of In-  
                                   Date        Code         (Instr. 3, 4 and 5)          cially Owned at     Form:          direct  
                                               (Instr. 8)                                End of Month        Direct         Benefi-
                                  (Month/                                                (Instr. 3 and 4)    (D) or         cial
                                   Day/   ---------------------------------------                            Indirect       Owner- 
                                   Year)  Code    V      Amount   (A) or    Price                            (I)            ship   
                                                                  (D)                                        (Instr. 4)     (Instr.
                                                                                                                            4)     

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 COMMON STOCK                                                                             3,865,992               D
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 COMMON STOCK                                                                                   400                I      BY SPOUSE
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 COMMON STOCK                                                                                20,400                I    BY DAUGHTER
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 COMMON STOCK                                                                                20,400                I      BY SON
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.                   (Over)

                                                                                                                     SEC 1474 (8/92)
 
</TABLE>
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<TABLE>
<CAPTION>
                                                                                                                                
 
FORM 4 (CONTINUED)        TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
                                  (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)

<S>                       <C>          <C>        <C>         <C>              <C>             <C>                   <C>          
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1. Title of Derivative    2. Conver-   3. Trans-  4. Trans-   5. Number of     6. Date Exer-   7. Title and Amount   8. Price     
   Security                  sion or      action     action      Derivative       cisable and     of Underlying         of        
   (Instr. 3)                Exercise     Date       Code        Securities Ac-   Expiration      Securities            Deriv-    
                             Price of     (Month/    (Instr.     quired (A) or    Date            (Instr. 3 and 4)      ative     
                             Deriv-       Day/       8)          Disposed of      (Month/Day/                           Secur-    
                             ative        Year)                  (D) (Instr. 3,   Year)                                 ity       
                             Security                            4, and 5)                                              (Instr. 5)
                                                                               -----------------------------------             
                                                                               Date    Expira-            Amount or            
                                                    -------------------------- Exer-   tion       Title   Number of            
                                                    Code  V     (A)     (D)    cisable Date               Shares               
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 EMPLOYEE STOCK OPTION                                                                           COMMON
 (RIGHT TO BUY)                $13.25     4/22/97     A   V    20,000         4/22/97  4/22/07    STOCK    20,000
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<S>                    <C>                         <C>                              
9. Number of           10. Ownership               11. Nature of                              
   Derivative              Form of                     Indirect                     
   Securities              Derivative                  Beneficial                   
   Beneficially            Security:                   Ownership                    
   Owned at End            Direct (D)                  (Instr. 4)                   
   of Month                or Indirect (I)                                          
   (Instr. 4)              (Instr. 4)                                               
                                                                                 
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   20,000                     D
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Explanation of Responses:
 
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.     /s/  Robert C. Patent          5/7/97
  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).                                                  ------------------------------- -------
                                                                                             **Signature of Reporting Person   Date
                                         

Note. File three copies of this Form, one of which must be manually signed.                                               Page 2   
  If space provided is insufficient, see Instruction 6 for procedure.                                                SEC 1474 (8/92)

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