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**Exhibit      31.1**

**CERTIFICATIONS**

| 1. | I                have reviewed this report on Form 10-Q of Vestin Fund III,                LLC; |
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| 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; |
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| 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; |
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| 4. | Vestin                Fund III, LLC’s other certifying officers 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: |
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|   | (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; |
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|   | (b) | Designed                such internal control over financial reporting, or caused such internal                control over financial reporting to be designed under our supervision,                to                provide reasonable assurance regarding the reliability of financial                reporting and the preparation of financial statements for external                purposes in accordance with generally accepted accounting                principles; |
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|   | (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 evaluation;                and |
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|   | (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 |
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| 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                function): |
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|   | (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 |
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|   | (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. |
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*/s/      Michael V. Shustek*