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):  July
              13, 1998
  
                                 FIRST SIERRA FINANCIAL, INC.
                    (Exact name of Registrant as specified in its charter)
  
                    {PRIVATE              0-22525             76-0438432
                   }Delaware         (Commission File        (IRS Employer
                (State or Other           number)           Identification
                Jurisdiction of                                  No.)
                 Incorporation)
  
              Chase Tower, Suite 7050, 600 Travis Street, Houston, TX   77002
                         (Address of Principal Executive Offices)    (Zip Code)
  
              Registrant's telephone number, including area code: (713) 221-8822
  
  
  <PAGE>
  
  
  
  
  ITEM 9.   ALES OF EQUITY SECURITIES PURSUANT TO REGUALTION S
  
          On July 13, 1998, First Sierra Financial, Inc. (the "Company") 
  acquired all of the outstanding shares of capital stock of Suffolk Street 
  Group Plc, a company organized under the laws of the United Kingdom, in
  exchange for $5,500,000 cash and 189,653 shares of common stock, par value 
  $.01 per share, of the Company.  The value of the Company's shares for the 
  purpose of the exchange was $29 per share.  The offering and issuance of
  the Company's shares 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 the United Kingdom.  The former shareholders of 
  Suffolk Street Group Plc are restricted from transferring the Company's shares
  received in the transaction into the U.S. for one year and the certificates 
  representing such shares 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 27th day of July, 1998.
  
  
  FIRST SIERRA FINANCIAL, INC.
  
  
  
  By:  /s/ Sandy B. Ho
      -------------------------
      Name:  Sandy B. Ho
      Executive Vice President and
        Chief Financial Office
  
       
  
                                  INDEX TO EXHIBITS
  
  10.1      Stock Purchase Agreement, dated as of July 13, 1998, by and among 
  First Sierra Financial, Inc., Michael Johnson, Christopher Lamey, Marina 
  Investments Limited and Wendy Hazel Johnson.
metadata_documents: [{"type": "8-K", "sequence": "1", "description": "RE: ALES OF EQUITY OF SECURITIES RE: REG S", "secsgml_size_bytes": 2830}]
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": "98671984"}, "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):  July
              13, 1998
  
                                 FIRST SIERRA FINANCIAL, INC.
                    (Exact name of Registrant as specified in its charter)
  
                    {PRIVATE              0-22525             76-0438432
                   }Delaware         (Commission File        (IRS Employer
                (State or Other           number)           Identification
                Jurisdiction of                                  No.)
                 Incorporation)
  
              Chase Tower, Suite 7050, 600 Travis Street, Houston, TX   77002
                         (Address of Principal Executive Offices)    (Zip Code)
  
              Registrant's telephone number, including area code: (713) 221-8822
  ITEM 9.   ALES OF EQUITY SECURITIES PURSUANT TO REGUALTION S
  
          On July 13, 1998, First Sierra Financial, Inc. (the "Company") 
  acquired all of the outstanding shares of capital stock of Suffolk Street 
  Group Plc, a company organized under the laws of the United Kingdom, in
  exchange for $5,500,000 cash and 189,653 shares of common stock, par value 
  $.01 per share, of the Company.  The value of the Company's shares for the 
  purpose of the exchange was $29 per share.  The offering and issuance of
  the Company's shares 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 the United Kingdom.  The former shareholders of 
  Suffolk Street Group Plc are restricted from transferring the Company's shares
  received in the transaction into the U.S. for one year and the certificates 
  representing such shares 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 27th day of July, 1998.
  
  FIRST SIERRA FINANCIAL, INC.
  
  By:  /s/ Sandy B. Ho
      -------------------------
      Name:  Sandy B. Ho
      Executive Vice President and
        Chief Financial Office
  
       
  
                                  INDEX TO EXHIBITS
  
  10.1      Stock Purchase Agreement, dated as of July 13, 1998, by and among 
  First Sierra Financial, Inc., Michael Johnson, Christopher Lamey, Marina 
  Investments Limited and Wendy Hazel Johnson.