U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

                                   (MARK ONE)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

     FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     Transition Period From ______ To ______


                        COMMISSION FILE NUMBER 333-32800


                               VESTIN FUND I, LLC
             (Exact Name of Registrant as Specified in Its Charter)


             NEVADA                                              88-0446244
(State or Other Jurisdiction of                               (I.R.S. Employer
 Incorporation or Organization)                              Identification No.)


            2901 EL CAMINO AVENUE, SUITE 206, LAS VEGAS, NEVADA 89102
               (Address Of Principal Executive Offices) (Zip Code)


                   Registrant's Telephone Number: 702.227.0965


               Former Name, Former Address and Former Fiscal Year,
                          if Changed Since Last Report.


Indicate by check whether the registrant:  (1) has filed all reports required to
be filed 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 [X] No [ ]

As of October 31, 2001, the Issuer had 10,176,454 of its Units outstanding.
<PAGE>
ITEM 1. FINANCIAL STATEMENTS

                                                                            Page
                                                                            ----
Balance sheets as of September 30, 2001 (unaudited) and
December 31, 2000                                                            3
Statements of income for the three and nine months ended
September 30, 2001 (unaudited) and 2000 (unaudited)                          4
Statement of members' equity (unaudited)                                     5
Statements of cash flows for the nine months ended
September 30, 2001 (unaudited) and 2000 (unaudited)                          6
Notes to financial statements                                                7

                                       2
<PAGE>
                               VESTIN FUND I, LLC

                                 BALANCE SHEETS



                                              September 30, 2001    December 31,
                                                  (Unaudited)           2000
                                                 ------------       ------------
                                     ASSETS
  Cash                                           $    398,262       $    370,304
  Certificates of deposit                           3,000,000          1,200,000
  Due from Managing Member                             92,766            199,396
  Interest and other receivables                    1,080,885            491,122
  Investment in mortgage loans                     97,448,801         39,376,619
                                                 ------------       ------------

Total assets                                     $102,020,714       $ 41,637,441
                                                 ============       ============

                        LIABILITIES AND MEMBERS' EQUITY

Liabilities
  Distribution payable to Managing Member        $     92,316       $         --
  Deferred revenues                                        --            256,230
                                                 ------------       ------------
Total liabilities                                      92,316            256,230

Members' equity                                   101,928,398         41,381,211
                                                 ------------       ------------
     Total members' equity                        101,928,398         41,381,211
                                                 ------------       ------------

     Total liabilities and members' equity       $102,020,714       $ 41,637,441
                                                 ============       ============

The accompanying notes are an integral part of these statements

                                       3
<PAGE>
                               VESTIN FUND I, LLC

                              STATEMENTS OF INCOME

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                              For the three months ended         For the nine months ended
                                                                    September 30,                      September 30,
                                                             ----------------------------      ----------------------------
                                                                 2001             2000            2001              2000
                                                             -----------      -----------      -----------      -----------
<S>                                                          <C>              <C>              <C>              <C>
Revenues
  Interest income from investment in mortgage loans          $ 3,303,156      $    92,473      $ 7,759,725      $    92,473
  Loan origination fees                                           82,808               --          256,230               --
  Other interest income                                           32,502           33,249          124,287           33,249
                                                             -----------      -----------      -----------      -----------

     Total revenues                                            3,418,466          125,722        8,140,242          125,722

Operating expenses
  Management fees to Managing Member                                  --               --            7,184               --
  Other                                                               93               95           46,088               95
                                                             -----------      -----------      -----------      -----------

     Total operating expenses                                         93               95           53,272               95
                                                             -----------      -----------      -----------      -----------

Net income                                                   $ 3,418,373      $   125,627      $ 8,086,970      $   125,627
                                                             ===========      ===========      ===========      ===========

Net income allocated to members                              $ 3,418,373      $   125,627      $ 8,086,970      $   125,627
                                                             ===========      ===========      ===========      ===========

Net income allocated to members per weighted
  average membership units (a)                               $      0.34      $      0.08      $      1.02      $      0.08
                                                             ===========      ===========      ===========      ===========

Weighted average membership units (a)                        $10,160,200      $ 1,523,213      $ 7,942,536      $ 1,523,213
                                                             ===========      ===========      ===========      ===========
</TABLE>

(a)  The weighted average number of members' units for the three and nine months
     ended September 30, 2000 is calculated based upon the daily number of
     outstanding units beginning on September 1, 2000, commencement date of
     operations.

The accompanying notes are an integral part of these statements

                                       4
<PAGE>
                               VESTIN FUND I, LLC

                          STATEMENT OF MEMBERS' EQUITY

<TABLE>
<CAPTION>
                                                             UNITS               AMOUNT
                                                         -------------       -------------
<S>                                                     <C>             <C>
Members' equity at December 31, 2000 (Audited)               4,173,991       $  41,381,211
Issuance of units (net of offering costs)                    5,938,657          59,176,786
Distributions of investment                                    (75,803)           (758,033)
Distributions of income                                             --          (7,262,306)
Reinvestments of distributions                                 139,609           1,396,086
Declared distribution to Managing Member                            --             (92,316)
Net income                                                          --           8,086,970
                                                         -------------       -------------
Members' equity at September 30, 2001 (Unaudited)           10,176,454       $ 101,928,398
                                                         =============       =============
</TABLE>

The accompanying notes are an integral part of this statement

                                       5
<PAGE>
                               VESTIN FUND I, LLC

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                               For the nine months ended September 30,
                                                               ---------------------------------------
                                                                   2001                       2000
                                                               ------------               ------------
<S>                                                            <C>                        <C>
Cash flows from operating activities:
  Net income                                                   $  8,086,970               $    125,627
  Adjustments to reconcile net income to net
   cash provided by operating activities:
     Change in due from Managing Member                             106,630                    (46,845)
     Change in interest and other receivables                      (589,763)                   (91,175)
     Change in due to Managing Member                                    --                        501
     Change in deferred revenues                                   (256,230)                    42,941
                                                               ------------               ------------
          Net cash provided by operating activities               7,347,607                     31,049

Cash flows from investing activities:
   Purchase of investments in mortgage loans                    (92,791,846)                  (550,000)
   Proceeds from loan payoffs                                    34,719,664                         --
   Investment in certificates of deposit                         (1,800,000)               (13,265,450)
                                                               ------------               ------------
          Net cash used by investing activities                 (59,872,182)               (13,815,450)

Cash flows from financing activities:
   Proceeds from issuance of membership units                    59,176,786                 19,634,351
   Members' distributions of investment                            (758,033)                        --
   Members' distributions of income                              (5,866,220)                        --
                                                               ------------               ------------
          Net cash provided by financing activities              52,552,533                 19,634,351
                                                               ------------               ------------
Net increase in cash                                                 27,958                  5,849,950

Cash, beginning of period                                           370,304                         --
                                                               ------------               ------------

Cash, end of period                                            $    398,262                  5,849,950
                                                               ============               ============
Supplemental disclosures of cash flows information:
  Non-cash financing activities:
  Conversion of deferred offering costs
    to membership units                                        $    201,666               $    688,370
                                                               ============               ============

  Reinvestment of members' distributions                       $  1,396,086               $         --
                                                               ============               ============

    Declared distribution to the Managing Member               $     92,316               $         --
                                                               ============               ============
</TABLE>

The accompanying notes are an integral part of these statements

                                       6
<PAGE>
                               VESTIN FUND I, LLC

                          NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2001


NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     1.   ORGANIZATION

          Vestin Fund I, LLC, a Nevada Limited Liability Company,  (the Company)
          is primarily engaged in the business of mortgage lending.  The Company
          invests in loans  secured by real  estate  through  deeds of trust and
          mortgages.  The Company was  organized  on December  14, 1999 (date of
          formation) and will continue until December 31, 2019 unless  dissolved
          prior  thereto or extended by vote of members in  accordance  with the
          provisions of the Company's Operating Agreement.  On July 9, 2001, the
          Company  changed  its name from DM Mortgage  Investors,  LLC to Vestin
          Fund I, LLC.

          Prior to  September  1, 2000,  the  Company  was a  development  stage
          company.  On August 23, 2000, the Company's Form S-11/A filed with the
          Securities and Exchange  Commission  became  effective for the initial
          public  offering  of  10,000,000  units at $10 per unit.  The  Company
          commenced  operations on September 1, 2000. By June 2001,  the Company
          had sold all of the 10,000,000 units offered pursuant to the Company's
          registration  statement.  No  additional  units will be sold,  however
          current   members  may  continue  to   participate  in  the  Company's
          Distribution  Reinvestment Plan whereby the member's  distribution may
          be applied to purchase additional units at $10.00 per unit.

          The  Manager  of the  Company  is  Vestin  Mortgage,  Inc.,  a  Nevada
          corporation  engaged  in the  business  of  brokerage,  placement  and
          servicing of commercial loans secured by real property. The Manager is
          a   wholly-owned   subsidiary  of  Vestin  Group,   Inc.,  a  Delaware
          Corporation,  whose common stock is publicly held and is traded on the
          NASDAQ under the symbol "VSTN." The Operating  Agreement provides that
          the Manager has  exclusive  control  over the business of the Company;
          including the power to assign  duties,  to determine how to invest the
          Company's  assets,  to sign bills of sale,  title  documents,  leases,
          notes, security agreements, mortgage investments and contracts, and to
          assume direction of the business operations.

          The  financial  statements  have  been  prepared  in  accordance  with
          Securities  Exchange  Commission  requirements  for interim  financial
          statements.  Therefore, they do not include all of the information and
          footnotes required by accounting  principles generally accepted in the
          United  States  for  complete  financial  statements.   The  financial
          statements  should be read in  conjunction  with the Form 10-K for the
          fiscal year ended December 31, 2000 of the Company.

          The results of operations for the interim periods shown in this report
          are not necessarily  indicative of results to be expected for the full
          year. In the opinion of management,  the information  contained herein
          reflects all  adjustments  necessary to make the results of operations
          for the interim periods a fair statement of such  operation.  All such
          adjustments are of a normal recurring nature.

                                       7
<PAGE>
                               VESTIN FUND I, LLC

                          NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2001


NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

New accounting pronouncements

On July 20,  2001,  the  Financial  Accounting  Standards  Board  (FASB)  issued
Statement of Financial Accounting  Standards (SFAS) 141, BUSINESS  COMBINATIONS,
and SFAS 142,  GOODWILL AND  INTANGIBLE  ASSETS.  SFAS 141 is effective  for all
business  combinations  completed after June 30, 2001. SFAS 142 is effective for
fiscal years beginning after December 15, 2001;  however,  certain provisions of
this Statement apply to goodwill and other  intangible  assets acquired  between
July 1, 2001 and the  effective  date of SFAS  142.  Major  provisions  of these
Statements and their effective dates for the Company are as follows:

     *    all business  combinations  initiated after June 30, 2001 must use the
          purchase  method of  accounting.  The  pooling of  interest  method of
          accounting is prohibited except for transactions initiated before July
          1, 2001.
     *    intangible assets acquired in a business  combination must be recorded
          separately from goodwill if they arise from contractual or other legal
          rights or are  separable  from the  acquired  entity  and can be sold,
          transferred,  licensed, rented or exchanged, either individually or as
          part of a related contract, asset or liability.
     *    goodwill, as well as intangible assets with indefinite lives, acquired
          after June 30, 2001, will not be amortized. Effective January 1, 2002,
          all  previously   recognized   goodwill  and  intangible  assets  with
          indefinite lives will no longer be subject to amortization.
     *    effective  January  1,  2002,  goodwill  and  intangible  assets  with
          indefinite  lives will be tested for impairment  annually and whenever
          there is an impairment indicator.
     *    all acquired goodwill must be assigned to reporting units for purposes
          of impairment testing and segment reporting.

Although it is still reviewing the provisions of these Statements,  management's
preliminary  assessment is that these Statements will not have a material impact
on the Company' financial position or results of operations.

                                       8
<PAGE>
                               VESTIN FUND I, LLC

                          NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2001


NOTE B - INVESTMENT IN MORTGAGE LOANS

Investment in mortgage loans as of September 30, 2001 are as follows:

<TABLE>
<CAPTION>
                                     Number                       Weighted
   Loan                               of                           Average          Fund         Loan
   Type                              Loans         Balance      Interest Rate    Percentage    To Value
   ----                              -----         -------      -------------    ----------    --------
<S>                                   <C>       <C>                 <C>            <C>           <C>
Acquisition and development            9        $34,198,763         12.75%         35.10%        53.10%
Bridge                                 5          8,653,896         14.12%          8.88%        39.86%
Commercial                             8         11,932,512         13.95%         12.24%        47.47%
Construction                          11         21,159,358         14.01%         21.71%        44.40%
Land                                   4         18,049,571         14.17%         18.52%        25.65%
Residential                            2          3,454,701          9.94%          3.55%        64.42%
                                                 -----------        ------         ------        ------

                                                 $97,448,801         13.82%        100.00%        42.89%
                                                 ===========        ======         ======        ======
</TABLE>

    Type                                     Balance                 Percentage
    ----                                     -------                 ----------
First mortgages                           $97,198,801                   99.74%
Second mortgages                              250,000                    0.26%
                                          -----------                  ------
                                          $97,448,801                  100.00%
                                          ===========                  ======

The following is a schedule of maturities of investment in mortgage  loans as of
September 30, 2001 for the years ended December 31,:

     2001                                 $ 47,789,922
     2002                                   46,997,329
     2003                                           --
     2004                                           --
     2005                                    2,336,849
     2006                                      324,701
                                          ------------
                                          $ 97,448,801
                                          ============

The  following is a schedule by  geographic  location of  investment in mortgage
loans as of September 30, 2001:

                                                                         Fund
                                                  Balance             Percentage
                                                  -------             ----------
Arizona                                         $        --              0.00%
California                                       15,475,711             15.88%
Hawaii                                            9,463,911              9.71%
Louisiana                                         1,789,249              1.84%
New Mexico                                        1,157,504              1.19%
Nevada                                           25,084,751             25.73%
Oregon                                            4,238,564              4.35%
Texas                                            30,653,103             31.46%
Utah                                              7,986,008              8.20%
Washington                                        1,600,000              1.64%
                                                -----------            ------
                                                $97,448,801            100.00%
                                                ===========            ======

                                       9
<PAGE>
                               VESTIN FUND I, LLC

                          NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2001


NOTE B - INVESTMENT IN MORTGAGE LOANS (CONTINUED)

As of September 30, 2001,  substantially  all mortgage loan payments are current
and all loans are performing in accordance  with their terms.  Accordingly,  the
Company's managing member has concluded that an allowance for loan losses is not
deemed necessary.

The Company has six mortgage  loan products  consisting  of bridge,  commercial,
construction,  acquisition and development, land, and residential. The effective
interest rates on all product  categories  are similar,  ranging from 8% to 15%.
Revenue by  product  will  fluctuate  based upon  relative  balances  during the
period.  Due to the similar nature of the effective  interest rates, the Company
does not report revenues by product type.

NOTE C - REVOLVING LINE OF CREDIT

The Company has a revolving  line of credit,  which provides for borrowing up to
$400,000.  There is no outstanding balance as of September 30, 2001. The line of
credit, which is secured by the Company's certificates of deposit, is payable in
monthly installments of interest only at 7.25%, maturing June 25, 2002.

NOTE D - DISTRIBUTION PAYABLE TO MANAGING MEMBER

During September 2001, the Company  declared a distribution  totaling $92,316 to
the Managing Member based upon  historical  yields of  distributions  during the
nine months ended September 30, 2001 made to the other members.  The Company has
not made any distributions to the Managing Member to date.

NOTE E - SUBSEQUENT EVENT

During the quarter ended September 30, 2001, The Company determined that certain
distributions  were not made in previous quarters to the Managing Member whom is
a unit holder in the fund. Therefore,  the Company will amend each of the 10-Q's
for the quarters ended March 31, 2001 and June 30, 2001 to record  distributions
not previously  recorded.  The effect for quarter ended March 31, 2001 will be a
reduction in members' equity by $27,711 and an increase in distributions payable
for the same  amount.  The effect for the quarter  ended June 30, 2001 will be a
reduction in members' equity by $31,180 and an increase in distributions payable
for the same amount.

                                       10
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

BACKGROUND

Vestin Fund I, LLC (the  "Company")  was  organized in December 1999 as a Nevada
limited  liability  company for the purpose of investing in mortgage loans.  The
Company  invests in loans  secured  by real  estate  through  deeds of trust and
mortgages.  Prior to  September  1, 2000,  the Company was a  development  stage
company.

The Company's  manager is Vestin Mortgage,  Inc., a licensed mortgage company in
the  State  of  Nevada  (the  "Manager").  Vestin  Mortgage  is  a  wholly-owned
subsidiary of Vestin Group, Inc., a Delaware corporation,  whose common stock is
publicly held and traded on the NASDAQ under the ticker symbol "VSTN."

The following financial review and analysis is the Company's financial condition
and results of operations  for the three and nine-month  period ended  September
30,  2001.  Prior to  September  1, 2000,  the Company was a  development  stage
company  with no  operational  activities.  This  information  should be read in
conjunction with the Company's  financial  statements and accompanying notes and
other detailed  information  regarding the Company  appearing  elsewhere in this
Form 10-Q and the annual Form 10-K for the year ended December 31, 2000.

FORWARD LOOKING STATEMENTS

When used in this  Quarterly  Report on Form  10-Q the  words or  phrases  "will
likely result," "are expected to," "will continue," "is anticipated," or similar
expressions are intended to identify  "forward  looking  statements"  within the
meaning of the Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain  risks and  uncertainties,  including  but not limited to
changes in interest rates, and fluctuations in operating  results.  Such factors
which are  discussed  in  Management's  Discussion  and  Analysis  of  Financial
Condition  and  Results of  Operations,  could  affect the  Company's  financial
performance  and could cause the Company's  actual results for future periods to
differ  materially from any opinion or statements  expressed herein with respect
to future  periods.  As a result,  the Company wishes to caution  readers not to
place undue reliance on any such forward looking statements, which speak only as
of the date made.

OVERVIEW

The Company commenced  operations on September 1, 2000.  Accordingly,  it is not
meaningful to compare results of operations for the three and nine month periods
ending  September  30,  2001 with the  comparable  periods in 2000.  The Company
completed  the sale of its units in June 2001,  raising  gross  proceeds of $100
million.  No additional units will be sold, however current members may continue
to  participate  in the  Company's  Distribution  Reinvestment  Plan whereby the
member's  distribution  may be applied to  additional  units at $10.00 per unit.
Additionally, the Company issued 100,000 units to its Manager for offering costs
paid by them to unrelated third parties on the Company's behalf.

SUMMARY OF FINANCIAL RESULTS

                                          Three months ended   Nine months ended
                                          September 30, 2001  September 30, 2001
                                          ------------------  ------------------
Total revenues                                $ 3,418,466         $ 8,140,242
Total expenses                                         93              53,272
                                              -----------         -----------
Net income                                    $ 3,418,373         $ 8,086,970
                                              ===========         ===========

Earnings per unit:
Net income allocated to members per
  weighted average membership units           $      0.34         $      1.02
Annualized net interest yield to members (a)         13.5%               13.6%
Weighted average membership units              10,160,200           7,942,536

(a) The annualized  net interest yield to unit holders is calculated  based upon
the net income  allocated  to unit  holders  per  weighted  average  units as of
September  30, 2001  divided by 9 (number of months from  January  2001  through
September  2001) and multiplied by twelve (12) months,  then divided by ten (the
$10 cost per unit).

                                       11
<PAGE>
Net income for the three months ended  September 30, 2001 was derived  primarily
from interest  income on mortgage  loans  approximating  $3.3 million,  interest
income of approximately $33 thousand earned on cash and cash equivalents held at
bank institutions and approximately $83 thousand from mortgage  origination fees
earned.

Net income for the nine months ended  September  30, 2001 was derived  primarily
from interest  income on mortgage  loans  approximating  $7.8 million,  interest
income of  approximately  $124 thousand earned on cash and cash equivalents held
at bank institutions and $256 thousand from mortgage origination fees earned.

INVESTMENT IN MORTGAGE LOANS SECURED BY REAL ESTATE PORTFOLIO

As of September 30, 2001, the Company invested in mortgage loans secured by real
estate approximating $97,449,000. Such loans consisted of thirty-nine (39) loans
of which  thirty-eight  (38) loans are secured  through first deeds of trust and
one (1) loan is  secured  through a second  deed of trust.  The  following  is a
summary of the Company's mortgage loan borrowers as of September 30, 2001:


Andre Tatibouet               Gary A. Wexler                 Ranco Capital, LLC
Arroyo Heights                Golden Nugget Holdings         Red Hills Oasis
Art Collection, Inc.          Harry Shull                    RTA Desert, Inc.
Arvis Forest                  HHG Partners                   South Mountain, LLC
Aston - Nevada Limited        Horizon Homes, Inc.            Talle Hoe, Inc.
Bridge Aina Le'a, LLC         Intercapital of Texas, Inc.    The Ranches
Brugnara Properties V, LLC    Lakeside Village, LLC          Wedgewood Partners
California Property Inv.      Las Vegas & Lamb, Ltd.
Car Spa Norco                 LV RV Resort LLC
Custom Stone, LTD             Malibu Development
David Weckerly, Inc.          MDS Development, LLC
Enchantment II, LLC           Mesquite 643 LLC
Falcon Hospitality            Micon Office Condos

As of  September  30,  2001,  investment  in loans  secured  by real  estate are
invested  in loans with a weighted  average  interest  yield of 13.82%  maturing
within the next one to fifty-eight (58) months.

Losses may be  expected  to occur when  funding  mortgage  loans.  The amount of
losses  will  vary as the  loan  portfolio  is  affected  by  changing  economic
conditions and the financial  position of borrowers.  There is no precise method
of predicting potential losses.

The conclusion that the Company's loans may become uncollectible, in whole or in
part,  is a  matter  of  professional  judgment.  Conventional  lenders  such as
traditional  banks and savings and loan  institutions are subject to federal and
state regulations that require such lenders to perform ongoing analyses of their
loan  portfolios,  loan to value ratios,  reserves,  etc., and to obtain current
information  regarding  their  borrowers  and  the  securing  properties.  As  a
non-conventional  lender, the Company is not subject to such regulations and has
not adopted these practices. Rather, in connection with the quarterly and annual
closing of the Company's accounting records and the preparation of the Company's
financial  statements,  the Manager evaluates  investments in mortgage loans and
determines  whether  the  allowance  for loan  losses is  adequate  to cover the
Company's potential losses. As of September 30, 2001 the Manager determined that
no allowance for loan losses was necessary.

                                       12
<PAGE>
The Manager's professional judgment of the adequacy of allowance for loan losses
may  include:  considerations  of  economic  conditions,   borrower's  financial
condition,  evaluation  of  industry  trends,  review  and  evaluation  of loans
identified as having loss potential,  and quarterly review by the Manager's loan
committee.

CAPITAL AND LIQUIDITY

Liquidity  is  a  measure  of  a  company's   ability  to  meet  potential  cash
requirements,  including ongoing  commitments to fund lending activities and for
general operation purposes.  The Company believes that interest earned from both
investment  loans and cash held at bank  institutions  in the next twelve months
will be sufficient to meet the Company's capital requirements.  The Company does
not anticipate the need for hiring any employees, acquiring fixed assets such as
office equipment or furniture,  or incurring material office expenses during the
next twelve  months  because the Manager will  continue to manage the  Company's
affairs. The Company may pay the Manager an annual management fee of up to 0.25%
of the  Company's  aggregate  capital  contributions.  Pursuant to the Company's
Operating  Agreement  the  maximum  amount of  management  fees the  manager was
entitled  to  receive  during  the nine  months  ended  September  30,  2001 was
approximately  $148,900.

During  the nine  months  ended  September  30,  2001,  cash flows  provided  by
operating activities  approximated $7.3 million.  Investing activities consisted
of  investment  in loans  secured by real estate in the amount of $58.1  million
(net of proceeds from payoffs of mortgage loans),  and investment in certificate
of deposits of $1.8 million. Financing activities consisted of proceeds from the
sale of units in the amount of $59.2 million,  and distributions of $6.6 million
(net of reinvestments).

The  Company  will rely upon the cash flow from  operations  to provide  for its
capital  requirements.  The Manager believes that cash generated from operations
will be sufficient to provide for its capital requirements for at least the next
12 months.

At September 30, 2001,  the Company had $398  thousand in cash,  $3.0 million in
certificates of deposit and $102 million in total assets.  On the same date, the
Company had no liabilities.  Accordingly,  it appears the Company has sufficient
working capital to meet its operating needs in the near term.

The Company  maintains  working  capital  reserves  of at least 3% of  aggregate
members'  capital  accounts in cash and cash  equivalents,  and  certificates of
deposits.  This  reserve is  available  to pay  expenses in excess of  revenues,
satisfy obligations of underlying security  properties,  expend money to satisfy
unforeseen  obligations  and for other  permitted  uses of the working  capital.
Working capital reserves of up to 3% are included in the funds committed to loan
investments  in  determining  what  proportion  of  the  offering  proceeds  and
reinvested distributions have been invested in mortgage loans.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is exposed to market risk, primarily from changes in interest rates.
The  Company  does  not  deal in any  foreign  currencies  and  does not own any
options, futures or other derivative instruments.  The Company does not have any
debt.

Most of the  Company's  assets  consist of  investments  in mortgage  loans.  At
September 30, 2001,  the Company's  aggregate  investment in mortgage  loans was
approximately  $97,449,000  with a weighted average  effective  interest rate of
13.82%.  These  mortgage  loans  have a term of 6 months to 5 years.  All of the
outstanding  mortgage loans at September 30, 2001 were fixed rate loans.  All of
the mortgage  loans are held for  investment  purposes;  none are held for sale.
Most of the mortgage loans do not have prepayment penalties.

Changes in  interest  rates  would not affect the asset  value of the  Company's
investment in mortgage loans.  However,  a significant  change in interest rates
could  affect  the  Company's  operating  results.  If  interest  rates  decline
significantly,  some of the borrowers could prepay their loans with the proceeds
of a  refinancing  at lower  interest  rates.  This would  reduce the  Company's
earnings and funds  available for  distribution  to unit  holders.  On the other
hand,  a  significant  increase in interest  rates could result in a slowdown in
real estate  development  activity  which would reduce the demand for commercial
mortgage loans. As a result,  the Company might encounter greater  difficulty in
identifying appropriate borrowers.  The Company is not in a position to quantify
the potential impact on its operating results from a material change in interest
rates.

For the nine months ended September 30, 2001, the Company invested an additional
$1,800,000 in certificates of deposit and other short-term  deposit accounts for
a total of $3,000,000.  The Company  anticipates  that at least 3% of its assets
will be held in such  accounts as a cash  reserve;  additional  deposits in such
accounts  will be made as funds are received by the Company  from new  investors
and  repayment  of loans  pending the  deployment  of such funds in new mortgage
loans.  The Company  believes  that these  financial  assets do not give rise to
significant interest rate risk due to their short term nature.

                                       13
<PAGE>
                                     PART II

                                OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

Not Applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not Applicable.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matter was submitted to a vote of security holders,  through the solicitation
of proxies or otherwise, during the third quarter 2001.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits

            2.1      Articles of Organization*

            10.1     Operating Agreement*

          *    Previously filed.

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<PAGE>
                                   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.


VESTIN FUND I, LLC


By: Vestin Mortgage, Inc., its sole manager
    By: /s/ Lance K.  Bradford
        -----------------------------------
        Lance K.  Bradford
        Director, Secretary and Treasurer
        (Chief Accounting Officer of the
        Manager and Duly Authorized Officer)

Dated: November 13, 2001

                                       15