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Exhibit 31.1 CERTIFICATION I, Michael V. Shustek, as Chief Executive Officer of Vestin Mortgage, Inc., the
sole Manager of Vestin Fund III, LLC, certify that:  1.
    
    I have reviewed this report on Form 10-Q of Vestin Fund III, LLC;2.
    
    Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;3.
    
    Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of
Vestin Fund III, LLC as of, and for, the periods presented in this report;4.
    
    Vestin Fund III, LLCs other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for Vestin Fund
III, LLC and have:  (a)
    
    Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to Vestin
Fund III LLC, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the
period in which this report is being prepared;(b)
    
    Paragraph omitted pursuant to SEC Release Nos. 33-8238 and
34-47986;(c)
    
    Evaluated the effectiveness of Vestin Fund III, LLCs
disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based
on such evaluations; and(d)
    
    Disclosed in this report any changes in Vestin Fund III,
LLCs internal control over financial reporting that occurred during
Vestin Fund III, LLCs most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect
Vestin Fund III LLCs internal control over financial reporting; and  5.
    
    Vestin Fund III, LLCs other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting, to Vestin Fund III, LLCs auditors and the audit committee of
Vestin Fund III, LLCs board of directors (or persons performing the
equivalent functions):  (a)
    
    All significant deficiencies and material weaknesses in the
design or operation of internal controls over financial reporting
which are reasonably likely to adversely affect Vestin Fund III,
LLCs ability to record, process, summarize and report financial
information; and(b)
    
    Any fraud, whether or not material, that involves management
or other employees who have a significant role in Vestin Fund III,
LLCs internal control over financial reporting. Date: May 17, 2004 /s/ Michael V. ShustekMichael V. ShustekChief Executive Officer*
Vestin Mortgage, Inc., sole
Manager of Vestin Fund III, LLC * Michael V. Shustek functions as the equivalent of the Chief Executive
Officer of the registrant