-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 LKdtxfFtLoKDapvTPOBVTCNWMBKlo6WCOoFC0FX9vfKcBP6nNPOosDpcvWXmlJ79
 DYjtox2+IClgXFQdMyfE3g==

<SEC-DOCUMENT>0000898432-10-001264.txt : 20100928
<SEC-HEADER>0000898432-10-001264.hdr.sgml : 20100928
<ACCEPTANCE-DATETIME>20100928104534
ACCESSION NUMBER:		0000898432-10-001264
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100928
DATE AS OF CHANGE:		20100928
EFFECTIVENESS DATE:		20100928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPM DIRECTIONAL MORTGAGE PREPAY MASTER FUND II LP
		CENTRAL INDEX KEY:			0001432788
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-117157
		FILM NUMBER:		101092521

	BUSINESS ADDRESS:	
		STREET 1:		2187 ATLANTIC STREET
		STREET 2:		4TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		203-351-2873

	MAIL ADDRESS:	
		STREET 1:		2187 ATLANTIC STREET
		STREET 2:		4TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001432788</cik>
        <entityName>SPM DIRECTIONAL MORTGAGE PREPAY MASTER FUND II LP</entityName>
        <issuerAddress>
            <street1>2187 ATLANTIC STREET</street1>
            <street2>4TH FLOOR</street2>
            <city>STAMFORD</city>
            <stateOrCountry>CT</stateOrCountry>
            <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
            <zipCode>06902</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>203-351-2873</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Structured Servicing Transactions Group, L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2215-B Renaissance Drive</street1>
                <street2>Suite 5</street2>
                <city>Las Vegas</city>
                <stateOrCountry>NV</stateOrCountry>
                <stateOrCountryDescription>NEVADA</stateOrCountryDescription>
                <zipCode>89119</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <lastName>Russell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o SPM III, LLC - Clrwtr Hse 4th Flr.</street1>
                <street2>2187 Atlantic Street</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of Upper Shad Associates, LLC, Managing Member of Structured Servicing Transactions Group, LLC, General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Donald</firstName>
                <lastName>Brownstein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o SPM III, LLC - Clrwtr Hse 4th Flr.</street1>
                <street2>2187 Atlantic Street</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of Upper Shad Associates, LLC, Managing Member of Structured Servicing Transactions Group, LLC, General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kenneth</firstName>
                <lastName>Cron</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o SPM III, LLC - Clrwtr Hse 4th Flr.</street1>
                <street2>2187 Atlantic Street</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of Upper Shad Associates, LLC, Managing Member of Structured Servicing Transactions Group, LLC, General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <lastName>Mok</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o SPM III, LLC - Clrwtr Hse 4th Flr.</street1>
                <street2>2187 Atlantic Street</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Principal of SPM Products</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-019997</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-04-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>242342672</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>The minimum investment listed above may be waived at the discretion of the General Partner.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>2</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>SPM DIRECTIONAL MORTGAGE PREPAY MASTER FUND II LP</issuerName>
                <signatureName>/s/ Christopher Russell</signatureName>
                <nameOfSigner>Christopher Russell, Member of Upper Shad Associates, LLC,</nameOfSigner>
                <signatureTitle>Managing Member of the General Partner of the Issuer</signatureTitle>
                <signatureDate>2010-09-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----