UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington D. C. 20549

                                   FORM 10-QSB

 ( X )      Quarterly report pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934.

              For the quarterly period ended September 30, 1997.


 (    )     Transition report pursuant to Section 13 or 15(d) of the Exchange
Act for the transition period from _____
      ____________ to ____________ .



                        Commission File Number: 333-06328

                Sterling Financial Services of Florida I, Inc.
            (Exact Name of Registrant as Specified in Its Charter)

          Florida                                                   65-0716464
(State of Incorporation)                                             (I.R.S.
                                                               Employer I.D. No)

                239 Halliday Park Drive, Tampa, Florida 33612
                   (Address of Principal Executive Offices)


                                (813) 932-2228
             (Registrant's Telephone Number, Including Area Code)



Check whether the registrant:  (1) has filed all reports required to be filed by
Section by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding  12  months ( or for such  shorter  period  that  the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                                 YES ( ) NO (X)

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
stock as of April 21, 1999.

                               1,000 Common Shares


Transitional Small Business Disclosure Format:

                                 YES ( ) NO (X)





<PAGE>


                Sterling Financial Services of Florida I, Inc.
                          (A Development Stage Company)
                              INDEX TO FORM 10-QSB


PART I.    FINANCIAL INFORMATION

Item 1.    Financial Statements (unaudited)

           Balance Sheets as of September 30, 1997 and January 10, 1997       3


           Statements of Operations for the Three Months Ended September 30,
           1997 and the Period January 3, 1997 (Inception) to September 30,
           1997......................................................         4

           Statement of Stockholders' Deficit as of September 30, 1997        5


           Statements of Cash Flows for the Three Months Ended September 30,
           1997 and the Period January 3, 1997 (Inception) to September 30,
           1997.....................................................          6

           Notes to Financial Statements ...........................          7

Item 2.    Management's Discussion and Analysis of Financial Condition and
           Results of Operations .......................................     10


PART II.   OTHER INFORMATION

Item 1.    Legal Proceedings ..................................              12
Item 2.    Changes in Securities ..............................              12
Item 3.    Defaults Upon Senior Securities ....................              12
Item 4.    Submission of Matters to a Vote of Securities Holders             12
Item 5.    Other Information...................................              12
Item 6.    Exhibits and Reports on Form 8-K....................              12

Signatures




















                                    -2-

<PAGE>

            STERLING FINANCIAL SERVICES OF FLORIDA I, INC.
                    (A Development Stage Company)
                            BALANCE SHEETS

      -----------------------------------------------------------



                                        September
                                        30, 1997       January
      ASSETS                            (Unaudited)    10, 1997
                                        ----------     ----------

      Cash and cash equivalents       $   620,811      $   1,000

      Finance receivables                  79,115              0

      Property and equipment - net        113,976              0

      Deferred debt issuance cost,net     151,284              0
                                     -------------    -----------

      TOTAL                           $   965,186     $    1,000
                                     =============    ===========


      LIABILITIES AND STOCKHOLDERS' DEFICIT

      LIABILITIES:
      Secured notes payable           $   984,000      $       0
      Due to stockholder                    1,750              0
      Accrued expenses                     30,200              0
                                     -------------    -----------
        Total liabilities               1,015,950              0
                                     -------------    -----------


      STOCKHOLDERS' DEFICIT
      Common stock, no par value,
        10,000 shares
        authorized; 1,000 shares          
        issued and outstanding             1,000           1,000
      Deficit accumulated
        during the development stage     (51,764)              0
                                     -------------    -----------
          Total stockholders' deficit    (50,764)          1,000
                                     -------------    -----------

      TOTAL                           $   965,186     $    1,000
                                     =============    ===========


      -----------------------------------------------------------

      See accompanying notes.













                                    -3-

<PAGE>

             STERLING FINANCIAL SERVICES OF FLORIDA I, INC.
                      (A Development Stage Company)
                        STATEMENTS OF OPERATIONS
                               (Unaudited)

          ------------------------------------------------------

                                                       Period
                                        Three         January
                                       Months            3,
                                        Ended           1997
                                      September       Inception
                                      30, 1997           to
                                                      September
                                                       30,1997
                                      ----------      ----------
          REVENUES:
          Rental income               $     647     $       647           
          Floor plan charges and          1,180           1,180
          fees
          Appraisal fees                    500             500
                                     -----------    ------------
              Total revenues              2,327           2,327
                                     -----------    ------------

          OPERATING EXPENSES:
          Management fees 
             - related party             14,025          18,575
          Office rent 
             - related party              8,825          13,225
          Depreciation                    1,815           1,815
          Other                             149             849
                                     -----------    ------------
             Total operating expenses    24,814          34,464
                                     -----------    ------------

          LOSS FROM OPERATIONS         (22,487)        (32,137)

          INTEREST EXPENSE             (18,831)        (19,627)
                                     -----------    ------------

          NET LOSS                   $ (41,318)     $  (51,764)           
                                     ===========    ============

          LOSS PER COMMON SHARE      $  (41.32)     $   (51.76)           
                                     ===========    ============



          ------------------------------------------------------

          See accompanying notes.


















                                     -4-

<PAGE>

                          STERLING FINANCIAL SERVICES OF FLORIDA I,INC.
                                (A Development Stage Company)
                              STATEMENT OF STOCKHOLDERS' DEFICIT
                                         (Unaudited)

----------------------------------------------------------------------------

                                                           Deficit
                                                          Accumulated
                                                           During
                                       Common  Stock         the
                                                          Development
                                Shares    Amount            Stage     Total
                                -------   --------        ----------  ------

Balances, January 3, 1997            0     $    0       $         0 $     0
(Inception)

Issue of common stock            1,000      1,000                     1,000

Net loss for period 
  January 3,1997 (Inception) 
  through September 30, 1997                               (51,764)   (51,764)
                                -------   --------      ----------- ---------
Balances, September 30, 1997     1,000    $ 1,000       $  (51,764) $ (50,764)
                                =======   ========      =========== =========


----------------------------------------------------------------------------

See accompanying notes.































                                    -5-

<PAGE>

                STERLING FINANCIAL SERVICES OF FLORIDA I, INC.
                         ( A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

------------------------------------------------------------------------------

                                                                        Period
                                                      Three            January
                                                      Months            3, 1997
                                                      Ended          (Inception)
                                                      September           to
                                                      30, 1997         September
                                                                        30, 1997
                                                      ----------      ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                          $  (41,318)       $ (51,764)
  Adjustments to reconcile net loss to net cash 
  used by operating activities:
    Depreciation                                          1,815            1,815
    Amortization                                          6,888            6,888
    Increase in accrued expenses                            200           30,200
                                                   -------------       ---------

NET CASH USED BY OPERATING ACTIVITIES                  (32,415)         (12,861)
                                                   -------------       ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of property and equipment                 (106,156)        (115,791)
  Finance receivables originated, net of payments
    and discounts                                      (79,115)         (79,115)
                                                   -------------       ---------

NET CASH USED BY INVESTING ACTIVITIES                 (185,271)        (194,906)
                                                   -------------       ---------

CASH FLOWS FROM FINANCING ACTIVITES:
  Issuance of common stock                                                 1,000
  Issuance of secured notes payable                     845,000          984,000
  Net increase(decrease) in stockholder loan                               1,750
  Cash paid for deferred debt issuance costs                           (158,172)
                                                      (104,856)
                                                   -------------       ---------

NET CASH PROVIDED BY FINANCING ACTIVITIES               740,144          828,578
                                                   -------------       ---------

NET INCREASE IN CASH AND CASH EQUIVALENTS               522,458          620,811

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD           98,353                0
                                                   -------------       ---------

CASH AND CASH EQUIVALENTS, END OF PERIOD            $   620,811        $ 620,811
                                                   =============       =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
- Interest paid                                     $    11,943        $  12,739
                                                   =============       =========


------------------------------------------------------------------------------

See accompanying notes.











                                    -6-


<PAGE>

               STERLING FINANCIAL SERVICES OF FLORIDA I, INC. 
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


------------------------------------------------------------------------------

NOTE A - FORMATION AND OPERATIONS OF THE COMPANY

Sterling Financial Services of Florida, I, Inc. (the "Company") was incorporated
under the laws of the state of Florida on January 3, 1997. The Company, which is
considered  to be in the  development  stage as defined in Financial  Accounting
Standard No. 7, intends to offer financial services to the sub-prime mobile home
industry,  including originating and refinancing for its own account installment
contracts  created in connection with the sale of used and new mobile homes. The
Company also owns and rents mobile homes.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The  accompanying  unaudited  financial  statements  of the  Company  have  been
prepared in accordance with generally accepted accounting principals for interim
financial  information  and the  instructions  to Form  10-QSB  and Rule 10-1 of
Regulation  S-X  of  the  Securities  and  Exchange   Commission   (the  "SEC").
Accordingly,  these  financial  statements  do not include all of the  footnotes
required  by  generally  accepted  accounting  principals.  In  the  opinion  of
management,  all  adjustments  (consisting of normal and recurring  adjustments)
considered  necessary  for a fair  presentation  have been  included.  Operating
results for the three months ended  September 30, 1997 and the period January 3,
1997  (Inception)  to September 30, 1997 are not  necessarily  indicative of the
results  that may be  expected  for the period  January 3, 1997  (Inception)  to
December 31, 1997. The accompanying financial statements and the notes should be
read in  conjunction  with the  Company's  audited  financial  statements  as of
January 10, 1997 contained in its Amendment No.3 Registration  Statement on Form
S-1.

Use of Estimates

The preparation of financial  statements in accordance  with generally  accepted
accounting  principals  requires  that  management  make certain  estimates  and
assumptions  that affect the reported  amounts of assets and liabilities and the
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements.  The  reported  amounts  of the  revenues  and  expenses  during the
reporting  period  may  be  affected  by  the  estimates  and  assumptions  that
management  is  required  to  make.  Actual  results  could  differ  from  those
estimates.

Basis of Accounting

The  Company's  financial  statements  are prepared  using the accrual  basis of
accounting.

Year End

The Company's year-end for financial and tax-reporting purposes is December 31.

Revenue Recognition

Interest income is recognized using the interest  (actuarial ) method.  Unearned
finance  charges are rebated to  customers  under the Rule of 78's  method.  The
difference  between income  previously  recognized under the interest method and
the Rule of 78's method is recognized as an adjustment to interest income at the
time of rebate.  Accrual of interest income on finance  receivables is generally
suspended  when no payment has been  received  for ninety  days;  the accrual of
income is not resumed until management believes such interest is collectible.

                                    -7-

<PAGE>


Nonrefundable Acquisition Discounts and Allowance for Credit Losses

The Company enters into  agreements  with dealers that  establish  nonrefundable
acquisition  discounts to protect the Company from potential  losses  associated
with the financing of  installment  sales  contracts.  All or a portion of these
negotiated  discounts  are  available  to  absorb  credit  losses.  Credit  loss
experience, contractual delinquency of loan receivables, the value of underlying
collateral  and  current  economic  conditions  are factors  management  uses in
negotiating the discounts and assessing the overall adequacy of the discounts to
absorb losses.  Management  attempts to maintain the  nonrefundable  acquisition
discount account at a level consistent with anticipated loan charge offs.

The  allowance  for credit  losses is  established  through a charge to earnings
based on management's  evaluation of potential losses inherent in the portfolio.
Such   evaluation   includes  a  review  of  all  such  assets  for  which  full
recoverability may not be reasonably assured. At September 30, 1997,  management
believes no allowance for credit losses is necessary.

The Company generally initiates repossession proceedings when an account is more
than two  payments  contractually  past due,  but the  repossession  process  is
accelerated for loans which become delinquent in the first or second payment.

Financial Instruments

The  Company  believes  the book  value of their cash and cash  equivalents  and
accrued expenses  approximates their fair values due to their short-term nature.
The book value of the Company's  finance  receivables  and secured notes payable
approximates  their fair values as the current interest rates  approximate rates
at which  similar  types  of  lending  and/or  borrowing  arrangements  could be
currently negotiated by the Company.

Property and Equipment

Property and equipment  are stated at cost.  Major  additions  are  capitalized,
while minor  additions  and  maintenance  and  repairs,  which do not extend the
useful life of an asset,  are  expensed as  incurred.  Depreciation  is computed
using an accelerated method over the assets' estimated useful lives of 5 to 27.5
years.

Income Taxes

The Company has elected to be taxed under  Subchapter S of the Internal  Revenue
Code,  and  accordingly  is not  subject  to  income  taxes  as the  results  of
operations flow through to the  shareholders for inclusion in their personal tax
returns.

Deferred Debt Issuance Costs

Direct  costs  incurred to  register  and issue the  secured  notes  payable are
deferred and amortized to interest expense over the lives of the loans using the
actuarial method.

Loss per Common Share

Loss per  common  share is based on the  weighted  average  number of common and
common equivalent  shares  outstanding  during the period.  The weighted average
number  of  common  shares   outstanding  during  the  period  January  3,  1997
(Inception) to September 30, 1997 was 1,000.




                                    -8-


<PAGE>


Statement of Cash Flows

For purposes of the  statement of cash flows,  the Company  considers all highly
liquid  investments  purchased with an original maturity of three months or less
to be cash equivalents.

Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of
credit  risk  consist  primarily  of finance  receivables  and cash.  Management
believes risk with respect to such receivables is mitigated  because the Company
performs ongoing credit evaluations of its' customers financial  condition,  and
because such receivables are  collateralized  by the mobile homes purchased with
the  proceeds  of the  loans.  The  Company  maintains  all of its cash and cash
equivalents at one FDIC insured  institution that has a maximum  insurance limit
of $100,000.  Accordingly,  at September 30, 1997 the Company's  uninsured  cash
balances approximated $521,000.

 NOTE C - FINANCE RECEIVABLES - NET

The  finance  receivables  generally  have terms of 60 to 120 months  with rates
ranging  from 13% to 17.9%.  At September  30, 1997 no interest  income had been
suspended on finance receivables.

NOTE D - SECURED NOTE PAYABLES

Secured notes payable bear interest at 10.5%, with interest payable monthly, and
mature on June 30,  2002.  The notes are  secured  by a first lien on any assets
acquired with the proceeds of the notes. The notes are prepayable in whole or in
part at any time without  premium or penalty.  The Company has  registered  $9.9
million of such notes and is  continuing  to offer the  remaining  $9,761,000 of
secured notes for sale. The notes are being offered on a "best-efforts" basis by
broker-dealers  who  are  members  of the  National  Association  of  Securities
Dealers, Inc.

NOTE E - RELATED PARTY TRANSACTIONS

The  Company's  majority  stockholder  advanced  $6,750 to the  Company of which
$5,000 was repaid during the period January 3, 1997 (Inception) to September 30,
1997; the remaining $1,750 is reflected in the  accompanying  balance sheet as a
due to stockholder.  The advances were and are unsecured,  non-interest  bearing
and due on demand.

Sterling  Financial  Services,  Inc.  ("SFS"),  a  related  party  due to common
ownership  manages  the  Company  and  leases  space  to  the  Company  for  its
operations.  Management  fees and  office  rent paid to SFS  during  the  period
January 3, 1997 (Inception) to September 30, 1997 totaled $22,850.


















                                          -9-


<PAGE>


Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.

OVERVIEW

The following  discussion and analysis  should be read in  conjunction  with the
balance sheet as of January 10, 1997 and the financial  statements as of and for
the three  months  ended  September  30,  1997 and the  period  January  3, 1997
(Inception) to September 30, 1997 included with this Form 10-QSB.

The  Company,  which is  currently in the  development  stage,  intends to offer
financial  services to the  sub-prime  mobile home industry by  originating  and
refinancing sub-prime mobile home installment  contracts.  The Company also owns
and rents mobile homes.

RESULTS OF OPERATIONS

The Company  generated revenue of $2,327 during the three months ended September
30, 1997. No revenue was generated prior to the three months ended September 30,
1997.  The revenues arose  primarily from fees charged to floor plan  customers.
Operating  expenses for the three months  ended  September  30, 1997 and for the
period  January 3, 1997  (Inception)  to September 30, 1997 totaled  $24,814 and
$34,464,  respectively  and consisted  primarily of  management  fees and office
rent. These amounts were paid to Sterling Financial  Services ("SFS"),  which is
related to the Company by virtue of common ownership.  Interest expense incurred
on the secured notes payable,  including  amortization of deferred debt issuance
costs of $6,888,  was $18,831 and  $19,627,  respectively  for the three  months
ended  September  30,  1997 and for the period  January 3, 1997  (Inception)  to
September 30, 1997. The net losses for the three months ended September 30, 1997
and for the period  January  3, 1997  (Inception)  to  September  30,  1997 were
$41,318  and  $51,764,  respectively.  The losses are the result of the  initial
start up costs incurred to implement the Company's business plan.

LIQUIDITY AND CAPITAL RESOURCES

Operating  activities  for the three  months  ended  September  30, 1997 and the
period  January 3, 1997  (Inception)  to  September  30,  1997 used  $32,415 and
$12,861  of  cash,  respectively.  These  cash  outlays  were  used to fund  the
aforementioned net losses less various non-cash expenses and accrued expenses of
$8,703 and $30,200, respectively.

Investing  activities,  which arose from purchases of property and equipment and
the  origination  of finance  receivables,  used cash of $185,271  and  $194,906
during the three months ended  September 30, 1997 and the period January 3, 1997
(Inception) to September 30, 1997, respectively. No finance receivables had been
originated  prior  to  the  three  months  ended  September  30,  1997.  Finance
receivables generally have terms of 60 to 120 months with interest rates ranging
from 13% to 17.9%.

Financing  activities  have generated net cash flow of $740,144 during the three
months ended  September  30, 1997 and  $828,578  for the period  January 3, 1997
(Inception) to September 30, 1997. Cash inflows from financing  activities arose
primarily  from the sale of $984,000 of secured notes payable (of which $845,000
related to the three months ended  September 30, 1997).  Financing cash outflows
relate  primarily  from the payment of deferred debt issuance  costs of $158,172
(of which  $104,856 was paid during the three months ended  September 30, 1997).
The  Company  also  repaid  $5,000  that  had  been  advanced  by  the  majority
stockholder  during the three  months  ended June 30,  1997.  The balance of the
stockholder  advance is $1,750; such amount is unsecured  non-interest  bearing,
and due on demand.




                                    -10-
<PAGE>


The Company is offering  subscriptions  for a maximum of 9,900  secured notes in
the  principal  amount of  $1,000  each.  As such,  $8,916,000  of notes  remain
available for sale as of September 30, 1997. If all of these notes are sold, the
Company will net  approximately  $8,024,400.  The notes bear simple  interest at
10.5% and mature on June 30, 2002.  Interest is payable  monthly.  The notes are
secured  by a  first  lien on the  assets  acquired  with  the  proceeds  of the
offering.  The  notes  are  prepayable  in whole or in part at any time  without
premium or penalty.

The Company  believes that it will be able to satisfy its cash  requirements for
the  foreseeable  future  if it does not  expand  its  business  by  originating
additional finance receivable contracts. However, in order for the Company to
expand its  dealer  base and  portfolio  of finance  receivable  contracts,  the
Company must secure  additional  capital  resources  through  additional debt or
equity offerings and/or  institutional  financing,  such as a line of credit. No
assurance  can be given that  additional  capital  resources  will be  available
through such sources, or available on reasonable terms. If the Company is unable
to  originate  finance  receivable  contracts  in an  amount  and at a pace that
approximates the amount and the pace that capital is raised through the issue of
secured notes,  the interest earned on the capital raised will not be sufficient
to cover the cost of the interest on the secured notes.


------------------------------------------------------------------------------







































                                    -11-
<PAGE>


                          PART II. - OTHER INFORMATION

Item 1. Legal Proceedings

      NONE

Item 2. Changes in Securities

      NONE

Item 3. Defaults Upon Senior Securities

      NONE

Item 4. Submission of Matters to a Vote of Securities Holders

      NONE

Item 5. Other Information

      NONE

Item 6. Exhibits and Reports on Form 8-K

      NONE


                                   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, thereunto duly authorized.




05/03/99                                          /s/ Anthony A. Sutter
----------------------------                   --------------------------------
           Date                                    Anthony A. Sutter, President















                                    -12-

<PAGE>