content: SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549
  
                                  FORM 8-K
  
                               CURRENT REPORT
  
                   PURSUANT TO SECTION 13 OR 15(d) OF THE
                       SECURITIES EXCHANGE ACT OF 1934
  
  
          Date of Report (Date of earliest event reported): October 1, 1998
  
                          FIRST SIERRA FINANCIAL, INC.
          (Exact name of Registrant as specified in its charter)
  
              Delaware               0-22525              76-0438432
          (State or Other        (Commission File        (IRS Employer
             Jurisdiction of              number)         Identification No.)
                Incorporation)
  
          Chase Tower, Suite 7050, 600 Travis Street, Houston,Texas   77002
          (Address of Principal Executive Offices)                  (Zip Code)
  
          Registrant's telephone number, including area code:  (713) 221-8822
  
  <PAGE>
  
               
  ITEM 9   SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S
              
  On October 1, 1998, the Company acquired all of the outstanding shares of 
  capital stock of Titan Finance Limited, a company incorporated in England and 
  Wales, in exchange for $2,250,000 cash and convertible, subordinated 
  promissory notes (the "Notes" ) in the aggregate principal amount of 
  $2,250,000.  The Notes bear interest at a rate of 6% per annum, payable 
  semi-annually, with the outstanding principal amount due on October 1, 2003.  
  The Company may prepay the Notes, in whole or in part, at any time without 
  penalty.  The Notes will automatically convert into shares of common stock, 
  par value $.01 per share, of the Company (the "Common Stock" ) when the 
  average trading price of the Common Stock for the twenty trading days 
  preceding conversion equals or exceeds $20. Upon conversion, the Company will 
  issue one share of Common Stock for each $20 of outstanding principal amount 
  of the Notes. 
  
  The offering and issuance of the Notes was effected pursuant to Regulation S 
  promulgated under the Securities Act of 1933, as amended.  The stock purchase
  agreement entered into among the parties to the transaction was executed and 
  the closing of the transaction occurred in England.  The former shareholders 
  of Titan Finance Limited are restricted from transferring the Notes or the 
  shares issuable on conversion thereof into the U.S. for one year and the 
  Notes bear a legend to that effect. 
  
  
                                 SIGNATURES
          Pursuant to the requirements of the Securities Exchange Act of 1934, 
  the Registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized on this 14th day of October, 1998.
  
  FIRST SIERRA FINANCIAL, INC.
  
  By: /s/ Sandy B. Ho
      ------------------------
      Name:  Sandy B. Ho
      Executive Vice President and
       Chief Financial Officer
  
                                  
                                  INDEX TO EXHIBITS
  
  10.1      Stock Purchase Agreement, dated as of October 1, 1998, by 
            and among First Sierra Financial, Inc., David Robert Jackson and 
            Paul David Connell
  
  
  <PAGE>
metadata_documents: [{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 3160}]
metadata_filer: {"company-data": {"conformed-name": "FIRST SIERRA FINANCIAL INC", "cik": "0001034812", "assigned-sic": "6159", "irs-number": "760438432", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22525", "film-number": "98725495"}, "business-address": {"street1": "CHASE TOWER SUITE 7050", "street2": "600 TRAVIS STREET", "city": "HOUSTON", "state": "TX", "zip": "77002", "phone": "7132218822"}, "mail-address": {"street1": "CHASE TOWER SUITE 7050", "street2": "600 TRAVIS STREET", "city": "HOUSTON", "state": "TX", "zip": "77002"}}
text: SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549
  
                                  FORM 8-K
  
                               CURRENT REPORT
  
                   PURSUANT TO SECTION 13 OR 15(d) OF THE
                       SECURITIES EXCHANGE ACT OF 1934
  
          Date of Report (Date of earliest event reported): October 1, 1998
  
                          FIRST SIERRA FINANCIAL, INC.
          (Exact name of Registrant as specified in its charter)
  
              Delaware               0-22525              76-0438432
          (State or Other        (Commission File        (IRS Employer
             Jurisdiction of              number)         Identification No.)
                Incorporation)
  
          Chase Tower, Suite 7050, 600 Travis Street, Houston,Texas   77002
          (Address of Principal Executive Offices)                  (Zip Code)
  
          Registrant's telephone number, including area code:  (713) 221-8822
  ITEM 9   SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S
              
  On October 1, 1998, the Company acquired all of the outstanding shares of 
  capital stock of Titan Finance Limited, a company incorporated in England and 
  Wales, in exchange for $2,250,000 cash and convertible, subordinated 
  promissory notes (the "Notes" ) in the aggregate principal amount of 
  $2,250,000.  The Notes bear interest at a rate of 6% per annum, payable 
  semi-annually, with the outstanding principal amount due on October 1, 2003.  
  The Company may prepay the Notes, in whole or in part, at any time without 
  penalty.  The Notes will automatically convert into shares of common stock, 
  par value $.01 per share, of the Company (the "Common Stock" ) when the 
  average trading price of the Common Stock for the twenty trading days 
  preceding conversion equals or exceeds $20. Upon conversion, the Company will 
  issue one share of Common Stock for each $20 of outstanding principal amount 
  of the Notes. 
  
  The offering and issuance of the Notes was effected pursuant to Regulation S 
  promulgated under the Securities Act of 1933, as amended.  The stock purchase
  agreement entered into among the parties to the transaction was executed and 
  the closing of the transaction occurred in England.  The former shareholders 
  of Titan Finance Limited are restricted from transferring the Notes or the 
  shares issuable on conversion thereof into the U.S. for one year and the 
  Notes bear a legend to that effect. 
  
                                 SIGNATURES
          Pursuant to the requirements of the Securities Exchange Act of 1934, 
  the Registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized on this 14th day of October, 1998.
  
  FIRST SIERRA FINANCIAL, INC.
  
  By: /s/ Sandy B. Ho
      ------------------------
      Name:  Sandy B. Ho
      Executive Vice President and
       Chief Financial Officer
  
                                  
                                  INDEX TO EXHIBITS
  
  10.1      Stock Purchase Agreement, dated as of October 1, 1998, by 
            and among First Sierra Financial, Inc., David Robert Jackson and 
            Paul David Connell