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 DECEMBER 31, 2002

          [ ] 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 January 31, 2003, the Issuer had 9,734,955 of its Units outstanding.
<PAGE>
                                TABLE OF CONTENTS

ITEM 1. FINANCIAL STATEMENTS

                                                                            Page
                                                                            ----
Balance sheets as of December 31, 2002 (unaudited),
  and September 30, 2002....................................................   3
Statements of income for the three months ended December 31, 2002
  and 2001 (unaudited)......................................................   4
Statement of members' equity for the three months ended
  December 31, 2002 (unaudited).............................................   5
Statements of cash flows for the three months ended December 31, 2002
  and 2001 (unaudited)......................................................   6
Notes to financial statements (unaudited)...................................   7

                                        2
<PAGE>
                               VESTIN FUND I, LLC

                                 BALANCE SHEETS


                                     ASSETS

<TABLE>
<CAPTION>
                                                          (UNAUDITED)
                                                       DECEMBER 31, 2002   SEPTEMBER 30, 2002
                                                       -----------------   ------------------
<S>                                                       <C>                 <C>
Cash                                                      $    405,615        $  2,762,334
Certificates of deposit                                      2,200,000           2,775,000
Receivables under secured borrowing                          6,586,054           6,637,370
Interest and other receivables                               1,292,719           1,175,972
Real estate held for sale                                    9,196,778           1,541,258
Investment in mortgage loans, net of allowance for loan
  losses of $200,000 and $100,000, respectively             84,870,609          91,091,308
Deferred bond offering costs                                    92,384              83,631
                                                          ------------        ------------

       Total assets                                       $104,644,159        $106,066,873
                                                          ============        ============

                         LIABILITIES AND MEMBERS' EQUITY

Liabilities
  Due to Managing Member                                  $    531,144        $    430,447
  Secured borrowing                                          6,586,054           6,637,370
                                                          ------------        ------------
       Total liabilities                                     7,117,198           7,067,817
                                                          ------------        ------------

Members' equity - authorized 10,000,000 units
  9,844,154 and 9,928,052 units issued and oustanding
  at $10 per unit at December 31, 2002 and
  September 30, 2002, respectively                          97,526,961          98,999,056
                                                          ------------        ------------
       Total members' equity                                97,526,961          98,999,056
                                                          ------------        ------------

       Total liabilities and members' equity              $104,644,159        $106,066,873
                                                          ============        ============
</TABLE>

The accompanying notes are an integral part of these statements.

                                       3
<PAGE>
                               VESTIN FUND I, LLC

                              STATEMENTS OF INCOME

                                   (UNAUDITED)

                                                     FOR THE THREE MONTHS ENDED
                                                             DECEMBER 31,
                                                     ---------------------------
                                                        2002             2001
                                                     ----------       ----------
Revenues
  Interest income from investment in
    mortgage loans                                   $2,516,526       $3,291,416
  Loan fees                                             104,788               --
  Other income                                           34,932          133,103
                                                     ----------       ----------
        Total revenues                                2,656,246        3,424,519
                                                     ----------       ----------

Operating expenses
  Interest expense                                      176,303               --
  Management fees to Managing Member                     62,655          123,667
  Provision for loan losses                             100,000               --
  Other                                                  30,085               --
                                                     ----------       ----------
        Total operating expenses                        369,043          123,667
                                                     ----------       ----------

        NET INCOME                                   $2,287,203       $3,300,852
                                                     ==========       ==========

Net income allocated to members                      $2,287,203       $3,300,852
                                                     ==========       ==========

Net income allocated to members per
  weighted average membership units                  $     0.23       $     0.33
                                                     ==========       ==========

Weighted average membership units                     9,920,256        9,982,276
                                                     ==========       ==========

The accompanying notes are an integral part of these statements.

                                       4
<PAGE>
                               VESTIN FUND I, LLC

                          STATEMENT OF MEMBERS' EQUITY

                                   (UNAUDITED)

                                                    UNITS             AMOUNT
                                                 ------------      ------------
Members' equity at September 30, 2002               9,928,052      $ 98,999,056

Distributions                                              --        (2,920,314)

Reinvestments of distributions                         63,731           637,310

Members' withdrawals                                 (147,629)       (1,476,294)

Net income                                                 --         2,287,203
                                                 ------------      ------------

Members' equity at December 31, 2002                9,844,154      $ 97,526,961
                                                 ============      ============

The accompanying notes are an integral part of these statements.

                                       5
<PAGE>
                               VESTIN FUND I, LLC

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                               FOR THE THREE MONTHS ENDED
                                                                      DECEMBER 31,
                                                              ----------------------------
                                                                  2002            2001
                                                              ------------    ------------
<S>                                                           <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                  $  2,287,203    $  3,300,852
  Adjustments to reconcile net income to net
    cash provided by operating activities:
      Change in operating assets and liabilities:
        Due to Managing Member                                     100,697         159,291
        Interest and other receivables                            (116,747)         43,667
        Deferred bond offering costs                                (8,753)
        Provision for loan losses                                  100,000              --
                                                              ------------    ------------
        Net cash provided by operating activities                2,362,400       3,503,810
                                                              ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of investments in mortgage loans                    (17,000,967)    (44,104,840)
  Purchase of investments in mortgage loans from:
    Vestin Fund II, LLC                                        (12,575,000)             --
    other related party                                         (3,870,000)             --
  Proceeds received from sale of mortgage loans to:
    Vestin Fund II, LLC                                         12,520,000              --
    other related party                                          4,665,938              --
  Proceeds from loan payoff                                     14,725,208      44,325,485
  Proceeds from certificates of deposit                            575,000         550,000
                                                              ------------    ------------
        Net cash (used in) provided by investing activities       (959,821)        770,645
                                                              ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Members' withdrawals                                          (1,476,294)             --
  Members' distributions, net of reinvestments                  (2,283,004)     (2,865,967)
                                                              ------------    ------------
        Net cash used in financing activities                   (3,759,298)     (2,865,967)
                                                              ------------    ------------

        NET INCREASE IN CASH                                    (2,356,719)      1,408,488

CASH, BEGINNING                                                  2,762,334         398,262
                                                              ------------    ------------

CASH, ENDING                                                  $    405,615    $  1,806,750
                                                              ============    ============

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:
  Non-cash investing and financing activities:
    Reinvestment of members' distributions                    $    637,310    $    719,442
                                                              ============    ============
    Distributions payable to Manager                          $     29,017    $         --
                                                              ============    ============
    Real estate held for sale acquired through foreclosure    $  7,655,520    $         --
                                                              ============    ============
    Loans funded through secured borrowing                    $     51,316    $         --
                                                              ============    ============
</TABLE>

The accompanying notes are an integral part of these statements.

                                       6
<PAGE>
                               VESTIN FUND I, LLC

                          NOTES TO FINANCIAL STATEMENTS

                                DECEMBER 31, 2002

                                   (Unaudited)

NOTE A -- 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 and will  continue  until  December 31, 2019
unless dissolved prior or extended thereto under the provisions of its Operating
Agreement.  The Company does not operate as an "investment  company"  within the
meaning of the Investment Company Act of 1940.

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 used to
purchase  additional  units at $10.00 per unit.  As of  December  31,  2002,  an
additional 497,708 units have been purchased under this plan.

The Manager of the Company is Vestin Mortgage,  Inc. (the "Manager" or "Managing
Member"),  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 traded on the Nasdaq National Market under the
symbol "VSTN." Through its subsidiaries,  Vestin Group, Inc. is engaged in asset
management,  real estate  lending and other  financial  services and has managed
over $1 billion in real estate loans. The Operating  Agreement provides that the
Manager has 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.

Vestin Mortgage, Inc. is also the Manager of Vestin Fund II, LLC, ("Fund II") an
entity in the same business as the Company.

The financial  statements  have been prepared in accordance  with Securities and
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
financial  statements and notes thereto contained in the Company's annual report
on Form 10-K for the transition period ended September 30, 2002.

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.

NOTE B -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. MANAGEMENT ESTIMATES

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States  requires  management to make estimates
and assumptions  that affect the reported  amounts of assets and liabilities and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

                                       7
<PAGE>
2. ALLOWANCE FOR LOAN LOSSES

The Company maintains an allowance for loan losses on its investment in mortgage
loans for estimated  credit  impairment in the Company's  investment in mortgage
loans  portfolio.  The  Manager's  estimate  of  losses  is based on a number of
factors  including  the  types and  dollar  amounts  of loans in the  portfolio,
adverse situations that may affect the borrower's  ability to repay,  prevailing
economic conditions and the underlying  collateral securing the loan.  Additions
to the allowance  are provided  through a charge to earnings and are based on an
assessment of certain factors including, but not limited to, estimated losses on
the loans. Actual losses on loans are recorded as a charge-off or a reduction to
the  allowance  for loan losses.  Subsequent  recoveries  of amounts  previously
charged off are added back to the allowance.

3. REAL ESTATE HELD FOR SALE

Real estate held for sale includes real estate acquired through  foreclosure and
is  carried  at the  lower  of the  recorded  amount,  inclusive  of any  senior
indebtedness,  or the property's  estimated fair value,  less estimated costs to
sell.

4. INVESTMENTS IN MORTGAGE LOANS

Investments  in  mortgage  loans  are  secured  by trust  deeds  and  mortgages.
Generally,  all of the Company's  mortgage loans require  interest only payments
with a balloon  payment of the  principal at maturity.  The Company has both the
intent and ability to hold mortgage loans until maturity and therefore, mortgage
loans are classified and accounted for as held for investment and are carried at
cost. Loan to value ratios are based on appraisals  obtained at the time of loan
origination  and may not reflect  subsequent  changes in value  estimates.  Such
appraisals are generally dated within 12 months of the date of loan origination.
Appraisals are also based on either an "as is basis" or "as-if completed basis".
These  appraised  values do not reflect  immediate  sales  values,  which may be
substantially less.

5. SECURED BORROWING

Certain loans that have been participated to third party investors  ("Investor")
through an intercreditor  agreement  ("Agreement")  are accounted for as secured
borrowing  in  accordance  with  SFAS No.  140,  ACCOUNTING  FOR  TRANSFERS  AND
SERVICING OF FINANCIAL  ASSETS AND  EXTINGUISHMENTS  OF  LIABILITIES  ("SFAS NO.
140").  Under the  Agreement,  investors may  participate  in certain loans with
Vestin Mortgage, Fund II, and the Company (collectively, "the Lead Lenders"). In
the event of borrower  non-performance,  the  intercreditor  agreement gives the
Lead  Lenders  the right to either (i)  continue  to remit to the  Investor  the
interest due on the  participation  amount;  (ii) substitute an alternative loan
acceptable to the  Investor;  or (iii)  repurchase  the  participation  from the
Investor for the outstanding balance of the participation plus accrued interest.
Consequently,   the  Investor  is  in  a  priority  lien  position  against  the
collateralized  loans  and  mortgage  loan  financing  under  the  participation
arrangement is accounted for as a secured  borrowing in accordance with SFAS No.
140.

NOTE C -- INVESTMENTS IN MORTGAGE LOANS

Investments in mortgage loans are as follows:

December 31, 2002

<TABLE>
<CAPTION>
                                   NUMBER
             LOAN                    OF                         AVERAGE       PORTFOLIO        LOAN
             TYPE                   LOANS        BALANCE     INTEREST RATE    PERCENTAGE     TO VALUE*
             ----                -----------   -----------   -------------   -----------    -----------
<S>                              <C>           <C>            <C>            <C>            <C>
Acquisition and development ..             4   $10,864,790          14.50%         12.77%         45.10%
Bridge .......................             4     7,149,023          12.88%          8.40%         63.99%
Commercial ...................            19    28,182,465          12.37%         33.13%         57.98%
Construction .................            11    25,038,116          13.84%         29.43%         55.68%
Land .........................             7    13,836,215          13.21%         16.27%         31.17%
                                 -----------   -----------    -----------    -----------    -----------
                                          45   $85,070,609          13.57%        100.00%         52.86%
                                 ===========   ===========    ===========    ===========    ===========
</TABLE>

                                       8
<PAGE>
September 30, 2002

<TABLE>
<CAPTION>
                                   NUMBER
             LOAN                    OF                         AVERAGE       PORTFOLIO        LOAN
             TYPE                   LOANS        BALANCE     INTEREST RATE    PERCENTAGE     TO VALUE*
             ----                -----------   -----------   -------------   -----------    -----------
<S>                              <C>           <C>            <C>            <C>            <C>
Acquisition and development ..            11   $17,379,074          13.66%         19.06%         50.89%
Bridge .......................             3     9,129,025          13.17%         10.01%         69.20%
Commercial ...................            10    28,181,705          13.20%         30.90%         57.40%
Construction .................            11    26,241,223          14.09%         28.78%         51.93%
Land .........................             4    10,260,281          13.19%         11.25%         32.33%
                                 -----------   -----------    -----------    -----------    -----------
                                          39   $91,191,308          13.58%        100.00%         52.54%
                                 ===========   ===========    ===========    ===========    ===========
</TABLE>

* Loan to value  ratios  are based on  appraisals  obtained  at the time of loan
origination  and may not reflect  subsequent  changes in value  estimates.  Such
appraisals  are  generally  dated no greater than 12 months prior to the date of
loan origination. Appraisals are also based on either an "as is basis" or "as-if
completed  basis".  These appraised values do not necessarily  reflect the value
which might be received  upon an immediate  sale of the  property,  which may be
substantially different from the appraised value.

<TABLE>
<CAPTION>
                           DECEMBER 31, 2002    PORTFOLIO    SEPTEMBER 30, 2002    PORTFOLIO
        LOAN TYPE               BALANCE        PERCENTAGE          BALANCE        PERCENTAGE
        ---------             -----------      -----------       -----------      -----------
<S>                           <C>              <C>               <C>              <C>
First mortgages ..........    $85,060,115            99.99%      $91,180,814            99.99%
Second mortgages** .......         10,494             0.01%           10,494             0.01%
                              -----------      -----------       -----------      -----------
                              $85,070,609           100.00%      $91,191,308           100.00%
                              ===========      ===========       ===========      ===========
</TABLE>

** All of the  Company's  second  mortgages  are  junior to a first  trust  deed
position held by either the Company or the Company's Manager.

The following is a schedule of maturities of investments in mortgage loans as of
December 31, 2002:

          2003...................................    $ 73,221,574
          2004...................................      11,849,035
                                                     ------------
                                                     $ 85,070,609
                                                     ============

The following is a schedule by geographic  location of  investments  in mortgage
loans as of:

<TABLE>
<CAPTION>
                           DECEMBER 31, 2002    PORTFOLIO    SEPTEMBER 30, 2002    PORTFOLIO
                                BALANCE        PERCENTAGE          BALANCE        PERCENTAGE
                              -----------      -----------       -----------      -----------
<S>                           <C>              <C>               <C>              <C>
Arizona ..................    $ 9,267,144            10.89%      $16,225,981            17.79%
California ...............      8,741,417            10.28%        1,247,876             1.37%
Colorado .................      1,214,800             1.43%          983,217             1.08%
Hawaii ...................      9,938,662            11.68%       11,750,000            12.88%
Nevada ...................     36,205,915            42.56%       43,288,748            47.47%
New Mexico ...............      1,157,505             1.36%        1,157,505             1.27%
Texas ....................     13,736,156            16.15%       11,568,971            12.69%
Utah .....................      3,369,010             3.96%        3,369,010             3.69%
Washington ...............      1,440,000             1.69%        1,600,000             1.76%
                              -----------      -----------       -----------      -----------
                              $85,070,609           100.00%      $91,191,308           100.00%
                              ===========      ===========       ===========      ===========
</TABLE>

The Company has six mortgage  loan products  consisting  of bridge,  commercial,
construction,  acquisition and  development,  land, and residential  loans.  The
effective  interest  rates  on all  product  categories  range  from 10% to 17%.
Revenue by  product  will  fluctuate  based upon  relative  balances  during the
period.

                                       9
<PAGE>
At December 31, 2002,  ten of the Company's  loans  totaling  $24.6 million were
non-performing (more than 90 days past due on interest payments) and past due on
principal.  The Company has commenced  foreclosure  proceedings  on these loans.
During January 2003, the Company  completed  foreclosure on two of the ten loans
totaling $372,784. These loans are included in the participation pool related to
secured  borrowing.  Pursuant to the terms of an  intercreditor  agreement,  the
Company  has  continued  to  remit  to  the  investor  the  interest  due on the
participated  amounts.  The Company's  Manager  evaluated all of these loans and
concluded that the  underlying  collateral was sufficient to protect the Company
against a loss of principal or interest.  Accordingly, no specific allowance for
loan losses was deemed necessary for these loans.

In addition to the above-mentioned  loans, during the quarter ended December 31,
2002,  the Company's  Manager had granted  extensions on 4 loans pursuant to the
terms of the  original  loan  agreements,  which  permit  extensions  by  mutual
consent. Such extensions are generally provided on loans where the original term
was 12 months or less and where a borrower requires  additional time to complete
a construction project or negotiate take out financing. The aggregate amount due
to the Company from borrowers  whose loans had been extended  during the quarter
ended December 31, 2002 was  approximately  $9.5 million.  The Company's Manager
concluded that no allowance was necessary with respect to these loans.

The Company's Manager has evaluated the  collectibility of the loans in light of
the types and dollar amounts of loans in the portfolio,  adverse situations that
may affect the borrower's ability to repay,  prevailing  economic conditions and
the underlying collateral securing the loan. The Company's Manager believes that
the allowance for loan losses  totaling  $200,000  included in the  accompanying
balance  sheet as of December 31, 2002 is adequate to address  estimated  credit
losses in the Company's investment in mortgage loans as of that date.

Decisions regarding an allowance for loan losses require management's  judgment.
As a result,  there is an inherent risk that such judgment will prove incorrect.
In such  event,  actual  losses  may  exceed (or be less than) the amount of any
allowance.  To the extent that the Company  experiences  losses greater than the
amount of its  allowance,  the Company may incur a charge to its  earnings  that
will adversely affect its operating  results and the amount of any distributions
payable to its members.

NOTE D -- RELATED PARTY TRANSACTIONS

As of December 31, 2002,  amounts due to the Company's Manager totaling $531,144
is primarily  comprised of amounts  related to  management  fees,  bond offering
costs, and distributions  payable on units owned by the Company's  Manager.  For
the three  months  ended  December  31,  2002 and  2001,  the  Company  recorded
management fees to the Company's  Manager of approximately  $62,655 and $123,667
respectively.  Additionally,  as of December  31,  2002,  the  Company  recorded
distributions  owed to the Company's  Manager of $29,017 based upon the total of
100,000 units owned by the Company's Manager.

During  the  three  months  ended  December  31,  2002,  the  Company  purchased
$12,575,000  in  investments  in  mortgage  loans from  Vestin  Fund II, LLC and
$3,870,000  from other related  parties.  For the same period,  the Company sold
$12,520,000  in  investments  in  mortgage  loans to  Vestin  Fund  II,  LLC and
$4,665,938 to other related parties.

NOTE E -- REAL ESTATE HELD FOR SALE

During the three months ended December 31, 2002,  the Company  foreclosed on two
loans totaling $10,739,520 and took title to the properties,  which consisted of
land  and  a  partially   completed  golf  course  in  Mesquite,   Nevada.  Upon
foreclosure, the Company assigned the rights to any future judgment related to a
personal  guarantee  associated  with the golf  course  loan to the  Manager  in
exchange for investments in mortgage loans,  which are in default as of December
31, 2002,  with a carrying amount of $3.1 million.  The Company  determined that
the carrying amount of the  investments in mortgage loans received  approximated
their  fair  value  and,  therefore,  no gain or loss  was  recorded  from  this
transaction.  The remaining assets were transferred to real estate held for sale
upon  foreclosure  at the  estimated  fair  value of the  land and golf  course,
aggregating  $7,655,520.  Based on management's  estimate of fair value of these
assets,  no charge to the allowance for loan losses was required at the time the
assets  were  transferred.  The  balance  of real  estate  held  for sale in the
accompanying balance at December 31, 2002 was $9,196,778.

NOTE F -- SECURED BORROWING

As of December  31,  2002,  the Company had $6.6  million in secured  borrowings
pursuant to an  intercreditor  agreement  with the related  amounts  included in
receivables under secured borrowings.  For the three month period ended December
31,  2002,  the Company  recorded  interest  expense of $176,303  related to the
secured borrowings.

                                       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" or "Managing  Member").  Vestin Mortgage is a
wholly-owned  subsidiary of Vestin Group,  Inc., a Delaware  corporation,  whose
common stock is traded on the Nasdaq  National  Market  under the ticker  symbol
"VSTN." Vestin Mortgage,  Inc. is also the manager of Vestin Fund II, LLC, which
is a similar fund to Vestin Fund I, LLC.

The  following  is a financial  review and analysis of the  Company's  financial
condition  and results of operations  for the three month period ended  December
31, 2002.  This  discussion  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 Company's
report on Form 10-K for the transition period ended September 30, 2002.

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

On August 23,  2000,  the  Company's  Registration  Statement  as filed with the
Securities  and Exchange  Commission  became  effective  for the initial  public
offering  of up to  10,000,000  units at $10 per  unit.  The  Company  commenced
operations on September 1, 2000. The Company commenced raising funds through the
sale of its units in September  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 used to purchase  additional units at $10.00 per unit. As of
December 31, 2002, an additional  497,708 units have been  purchased  under this
plan.  Additionally,  the  Company  issued  approximately  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 DECEMBER 31,
                                                 -------------------------------
                                                      2002             2001
                                                  ------------     ------------
Total revenues ................................   $  2,656,246     $  3,424,519
Total expenses ................................        369,043          123,667
                                                  ------------     ------------
Net income ....................................   $  2,287,203     $  3,300,852
                                                  ============     ============
Earnings per unit:
Net income allocated to members per weighted
  average membership units ....................   $       0.23     $       0.33
                                                  ============     ============
Annualized net interest yield to members (a) ..            9.2%            13.2%
                                                  ============     ============
Weighted average membership units .............      9,920,256        9,982,276
                                                  ============     ============

(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
     December  30,  2002 and 2001  divided  by the  number of months  during the
     period and  multiplied by twelve (12) months,  then divided by ten (the $10
     cost per unit).

                                       11
<PAGE>
THREE MONTHS ENDED DECEMBER 31, 2002 COMPARED TO THREE MONTHS ENDED DECEMBER 31,
2001

Total Revenues.  For the three months ended December 31, 2002,  revenues totaled
$2.7 million compared to $3.4 million for the same period in 2001, a decrease of
$0.7 million or 21%. The decrease in revenue was  primarily due to a decrease in
our  average  daily   investments  in  mortgage  loans  of   approximately   3%.
Additionally,   during  the  three  months  ended  December  31,  2002,  we  had
approximately $24.6 million in loans that were not performing. Consequently, our
average  interest  yields on our  investments in mortgage loans during the three
months ended 2002 decreased compared to the same period in 2001.

Total Expenses.  For the three months ended December 31, 2002,  expenses totaled
$369,043  compared  to  $123,667  for the same  period in 2001,  an  increase of
$245,376.  Increase in total expenses for 2002  primarily  related the provision
for loan losses  totaling  $100,000,  and  interest  expense  totaling  $176,303
related to secured  borrowing as further discussed in Note F in the footnotes to
the  attached  financial  statements.  Management  fees  for the  quarter  ended
December  31, 2002  totaled  $62,655.  Management  fees are an annual  recurring
expense  based  upon an  amount  up to 0.25% of  aggregate  outstanding  capital
annually.

Net Income.  Overall,  net income for the three months  ended  December 31, 2002
totaled  $2.3  million  compared to $3.3  million for the same period in 2001, a
decrease of $1.0 million or 30%.

Our  operating  results are  affected  primarily by (i) the amount of capital we
have to invest in mortgage loans, (ii) the level of real estate lending activity
in the markets we service,  (iii) our ability to identify and work with suitable
borrowers,  (iv) the  interest  rates we are able to charge on our loans and (v)
the level of  delinquencies,  foreclosures  and  related  loan  losses  which we
experience.

Although the US economy has suffered from a mild recession over the recent past,
we have not experienced a material slowdown in commercial real estate lending in
the markets we service.  As a result,  we have  generally  been able to keep our
funds  invested  in  mortgage  loans and we have not  encountered  any  material
reduction in demand for our loan products.  However, if the recession deepens or
is prolonged,  we would face a number of potential risks. A prolonged  recession
may dampen real estate development activity,  thereby diminishing the market for
our loans.  In addition,  the  continuing  decline in interest  rates,  which is
largely  attributable  to the weak  economy,  may be expected  to  diminish  the
interest rates we can charge on our loans.  Moreover,  a prolonged  recession or
poor credit decisions by our Manager may increase the default rate on our loans.
The  establishment  of an allowance for loan losses,  and the general decline in
interest  rates  contributed to the decline in our annualized net interest yield
to members from 13.2% at December 31, 2001 to 9.2% at December 31, 2002.

INVESTMENTS IN MORTGAGE LOANS SECURED BY REAL ESTATE PORTFOLIO

As of December 31, 2002, the Company  invested in mortgage loans secured by real
estate approximating $85,070,609, including 45 loans with an aggregate principal
value of $85,060,115  secured by first deeds of trust.  Three of these loans are
also secured by second deeds of trust  totaling  $10,494.  All of the  Company's
second  mortgages  are junior to a first trust deed  position held by either the
Company or the Company's Manager.

As of December 31, 2002, the weighted average contractual  interest yield on the
Company's  investment in mortgage  loans is 13.57%.  These mortgage loans mature
over the next 18 months.

Losses may occur when  investing  in 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 a mortgage loan is uncollectible or that  collectibility  is
doubtful is a matter of judgment.  On a quarterly basis,  the Manager  evaluates
the Company's  mortgage loan portfolio for  impairment.  The fact that a loan is
past due does not  necessarily  mean  that  the loan is  impaired.  Rather,  all
relevant circumstances are considered by the Manager to determine impairment and
the need for specific reserves. This evaluation considers among other matters:

*    prevailing economic conditions;

*    historical experience;

                                       12
<PAGE>
*    the nature and volume of the loan portfolio;

*    the borrowers'  financial  condition and adverse situations that may affect
     the borrowers' ability to pay;

*    evaluation of industry trends;

*    review and evaluation of loans identified as having loss potential; and

*    estimated net realizable value of any underlying collateral.

Based upon this evaluation the Company's Manager believes that the allowance for
loan losses totaling $200,000  included in the accompanying  balance sheet as of
December 31, 2002 is adequate to address estimated credit losses.

Decisions  regarding an allowance  for loan losses  require  judgment  about the
probability of future events.  As a result,  there is an inherent risk that such
judgment will prove  incorrect.  In such event,  actual losses may exceed (or be
less  than)  the  amount  of any  allowance.  To the  extent  that  the  Company
experiences  losses  greater than the amount of its  allowance,  the Company may
incur a charge to its earnings that will adversely affect its operating  results
and the amount of any distributions payable to its members.

CRITICAL ACCOUNTING POLICIES

REVENUE RECOGNITION

Interest  income on loans is  accrued  by the  effective  interest  method.  The
Company does not recognize  interest  income from loans once they are determined
to be  impaired.  A loan is  impaired  when,  based on current  information  and
events,  it is probable  that the Company  will be unable to collect all amounts
due according to the contractual terms of the loan agreement or when the payment
of interest is 90 days past due.

REAL ESTATE HELD FOR SALE

Real estate held for sale includes real estate acquired through  foreclosure and
is  carried  at the  lower  of the  recorded  amount,  inclusive  of any  senior
indebtedness,  or the property's  estimated fair value,  less estimated costs to
sell.

INVESTMENTS IN MORTGAGE LOANS

Investments  in  mortgage  loans  are  secured  by trust  deeds  and  mortgages.
Generally,  all of the Company's  mortgage loans require  interest only payments
with a balloon  payment of the  principal at maturity.  The Company has both the
intent and ability to hold mortgage loans until maturity and therefore, mortgage
loans are classified and accounted for as held for investment and are carried at
cost. Loan to value ratios are based on appraisals  obtained at the time of loan
origination  and may not reflect  subsequent  changes in value  estimates.  Such
appraisals  are  generally  dated no greater than 12 months prior to the date of
loan origination. Appraisals are also based on either an "as is basis" or "as-if
completed basis".  These appraised values do not reflect immediate sales values,
which may be substantially different.

ALLOWANCE FOR LOAN LOSSES

The Company maintains an allowance for loan losses on its investment in mortgage
loans for estimated  credit  impairment in the Company's  investment in mortgage
loans  portfolio.  The  Manager's  estimate  of  losses  is based on a number of
factors  including  the  types and  dollar  amounts  of loans in the  portfolio,
adverse situations that may affect the borrower's  ability to repay,  prevailing
economic conditions and the underlying  collateral securing the loan.  Additions
to the allowance  are provided  through a charge to earnings and are based on an
assessment of certain factors including, but not limited to, estimated losses on
the loans. Actual losses on loans are recorded as a charge-off or a reduction to
the  allowance  for loan losses.  Subsequent  recoveries  of amounts  previously
charged off are added back to the allowance.

                                       13
<PAGE>
SECURED BORROWING

Loans  that  have  been   participated  to  third  party  investors  through  an
intercreditor  agreement ("Agreement") are accounted for as secured borrowing in
accordance  with  SFAS No.  140,  ACCOUNTING  FOR  TRANSFERS  AND  SERVICING  OF
FINANCIAL ASSETS AND  EXTINGUISHMENTS OF LIABILITIES ("SFAS NO. 140"). Under the
Agreement, investors may participate in certain loans with Vestin Mortgage, Fund
II, and the Company (collectively, "the Lead Lenders"). In the event of borrower
non-performance, the intercreditor agreement gives the Lead Lenders the right to
either  (i)  continue  to  remit  to  the  investor  the  interest  due  on  the
participation  amount;  (ii)  substitute an alternative  loan  acceptable to the
investor;  or (iii)  repurchase  the  participation  from the  investor  for the
outstanding  balance of the participation  plus accrued interest.  Consequently,
the Investor is in a priority lien position against the collateralized loans and
mortgage loan financing under the participation  arrangement is accounted for as
a secured borrowing in accordance with SFAS No. 140.

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  operational  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 three months ended December
31, 2002 was approximately $62,655.

During  the three  months  ended  December  31,  2002,  cash flows  provided  by
operating activities  approximated $2.4 million.  Investing activities consisted
of cash used to  purchase  investments  in  mortgage  loans  approximating  $1.5
million (net of proceeds from investments in mortgage loans) and the maturity of
certificates  of  deposit  approximating  $0.6  million.   Financing  activities
consisted   of  members'   withdrawals   in  the  amount  of  $1.5  million  and
distributions of $2.3 million (net of reinvestments).

As of December 31, 2002,  members holding  approximately  29% of our outstanding
units  have  elected  to  reinvest  their  dividends.   The  level  of  dividend
reinvestment  will  depend  upon our  performance  as well as the  number of our
members who prefer to reinvest  rather than  receive  current  distributions  of
their income.

Any  significant  level of defaults on our  outstanding  loans could  reduce the
funds we have available for investment in new loans. Foreclosure proceedings may
not generate full repayment of our loans and may result in significant delays in
the return of invested  funds.  This would  diminish our capital  resources  and
would impair our ability to invest in new loans.  In addition,  any  significant
level of  withdrawals  by our Members would reduce the capital we have available
for  investment.  Such  withdrawals  are  limited by the terms of our  Operating
Agreement to not more than 10% per year and are subject to other conditions.  To
date, our capital  resources have not been materially  impaired by loan defaults
or  withdrawals  by members  and we believe our current  capital  resources  are
sufficient to continue to maintain our investment portfolio.

Non-earning assets, which include loans on non-accrual (discussed in Note C) and
real  estate  held for sale  (discussed  in Note E),  totaled  $33.8  million at
December 31, 2002. It is possible that no earnings will be recognized from these
assets until they are disposed of, and the time it will take to dispose of these
assets cannot be predicted.

Total non-earning assets at December 31, 2002 have increased since September 30,
2002,  as a result of  factors  unique to  specific  borrowers.  Because  of the
estimated value of the underlying properties,  the Company does not believe that
any losses will be incurred from these assets upon final  disposition.  However,
it is possible  that the Company will not be able to realize the full  estimated
values upon disposition, particularly if continuing economic weakness results in
declining real estate values.

At December  31,  2002,  the Company had $0.4  million in cash,  $2.2 million in
certificates of deposit,  and $104.6 million in total assets.  On the same date,
the Company had a liability  due to the Managing  Member of  approximately  $0.5
million.  Accordingly,  it appears the Company has sufficient working capital to
meet its operating needs in the near term.

As of December 31, 2002,  the Company had  liabilities  totaling $6.6 million as
secured  borrowings  related  to an  intercreditor  agreement.  Pursuant  to the
intercreditor  agreement,  the Investor may  participate  in certain  loans with
Vestin Mortgage, Fund I, and the Company (collectively,  "the Lead Lenders"). In
the event of borrower  non-performance,  the  intercreditor  agreement gives the
Lead  Lenders  the right to either (i)  continue  to remit to the  investor  the
interest due on the  participation  amount;  (ii) substitute an alternative loan
acceptable to the  investor;  or (iii)  repurchase  the  participation  from the
investor for the outstanding balance of the participation plus accrued interest.
Consequently,  mortgage loan financing  under the  participation  arrangement is
accounted for as a secured borrowing in accordance with SFAS No. 140, ACCOUNTING
FOR  TRANSFERS  AND  SERVICING  OF  FINANCIAL  ASSETS  AND   EXTINGUISHMENTS  OF
LIABILITIES ("FAS 140").

The Company  maintains working capital reserves of approximately 3% of aggregate
members'  capital  accounts in cash and cash  equivalents,  and  certificates of
deposit.  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.

                                       14
<PAGE>
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.

FACTORS AFFECTING THE COMPANY'S OPERATING RESULTS

The Company's  business is subject to numerous  factors  affecting its operating
results.  In addition to the factors  discussed above,  the Company's  operating
results may be affected by:

RISKS OF INVESTING IN MORTGAGE LOANS

     *    The Company's  underwriting  standards and procedures are more lenient
          than conventional  lenders in that the Company will invest in loans to
          borrowers  who will not be  required to meet the credit  standards  of
          conventional mortgage lenders.

     *    The Company  approves  mortgage loans more quickly then other mortgage
          lenders. Due to the nature of loan approvals, there is a risk that the
          credit  inquiry the  Company's  Manager  performs  will not reveal all
          material facts pertaining to the borrower and the security.

     *    Appraisals may be performed on an "as-if completed"  basis.  Therefore
          there is a risk that the borrower will not complete development of the
          project  which may affect the  expected  value of the property and the
          loan to value ratio.

     *    The Company's results of operations will vary with changes in interest
          rates and with the performance of the relevant real estate markets.

     *    If the economy is healthy,  the Company  expects that more people will
          be  borrowing  money to acquire,  develop or renovate  real  property.
          However,  if the economy grows too fast,  interest  rates may increase
          too much and the cost of  borrowing  may  become too  expensive.  This
          could result in a slowdown in real estate  lending  which may mean the
          Company will have fewer loans to acquire,  thus reducing the Company's
          revenues and the distributions to members.

     *    If, at a time of  relatively  low interest  rates,  a borrower  should
          prepay  obligations  that have a higher  interest rate from an earlier
          period,  investors  will likely not be able to  reinvest  the funds in
          mortgage loans earning that higher rate of interest. In the absence of
          a prepayment  fee, the investors will receive  neither the anticipated
          revenue stream at the higher rate nor any compensation for their loss.
          This in turn  could  harm the  Company's  reputation  and make it more
          difficult  for the  Company  to attract  investors  willing to acquire
          interest in mortgage loans.

RISK OF DEFAULTS

The Company's performance will be directly impacted by any defaults on the loans
in its  portfolio.  As noted above,  the Company may experience a higher rate of
defaults than conventional  mortgage lenders.  The Company seeks to mitigate the
risk by estimating the value of the  underlying  collateral and insisting on low
loan to value ratios. However, no assurance can be given that these efforts will
fully protect the Company against losses on defaulted  loans.  Moreover,  during
the  period  of  time  when a  defaulted  loan  is the  subject  of  foreclosure
proceedings,  it is likely that the Company  will earn less (if any) income from
such loans, thereby reducing the Company's earnings.

COMPETITION FOR BORROWERS

The Company  considers  its  competitors  for  borrowers to be the  providers of
non-conventional   mortgage  loans,  that  is,  lenders  who  offer  short-term,
equity-based  loans on an  expedited  basis for higher fees and rates than those
charged by conventional lenders and mortgage loans investors, such as commercial
banks, thrifts, conduit lenders, insurance companies,  mortgage brokers, pension
funds and other financial  institutions that offer conventional  mortgage loans.
Many of the  companies  against which the Company  competes  have  substantially
greater  financial,  technical  and  other  resources  than  the  Company  does.
Competition  in the  Company's  market  niche  depends  upon a number of factors
including price and interest rates of the loan, speed of loan  processing,  cost
of capital, reliability, quality of service and support services.

                                       15
<PAGE>
EFFECT OF FLUCTUATIONS IN THE ECONOMY

The  Company's  sole  business,   making  loans  secured  by  real  estate,   is
particularly vulnerable to changes in macroeconomic conditions.  Any significant
decline in economic activity,  particularly in the geographical markets in which
the Company  concentrates its loans, could result in a decline in the demand for
real estate  development  loans. In order to stay fully invested during a period
of declining  demand for real estate loans,  the Company may be required to make
loans on terms less favorable to the Company or to make loans involving  greater
risk to the Company.  Declines in economic  activity are often  accompanied by a
decline in prevailing  interest rates.  Although the Company's lending rates are
not directly tied to the Federal Reserve Board's  discount rate, a sustained and
widespread  decline in interest  rates will impact the  interest  the Company is
able to earn on its  loans.  Since the  Company's  loans  generally  do not have
prepayment  penalties,  declining  interest  rates may also cause the  Company's
borrowers  to prepay their loans and the Company may not be able to reinvest the
amounts  prepaid  in  loans  generating  a  comparable  yield.   Moreover,   any
significant  decline in economic  activity could adversely impact the ability of
the  Company's  borrowers  to  complete  their  projects  and  obtain  take  out
financing.  This in turn could  increase  the level of defaults  the Company may
experience.

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 have any  assets or  liabilities  denominated  in foreign
currencies nor does it own any options, futures or other derivative instruments.

Most of the  Company's  assets  consist of  investments  in mortgage  loans.  At
December 31, 2002,  the Company's  aggregate  investment  in mortgage  loans was
$85,070,609 with a weighted average contractual yield of 13.57%.  These mortgage
loans mature over the next 18 months.  All of the outstanding  mortgage loans at
December 31, 2002 are fixed rate loans.  All of the mortgage  loans are held for
investment purposes. None of the mortgage loans have prepayment penalties.

For the three months ended  December 31, 2002,  the Company had  investments  in
certificates  of deposit and other  short-term  deposit  accounts  totaling $2.2
million.  The Company  anticipates  that  approximately 3% of its assets will be
held in such accounts as a cash reserves.  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.

ITEM 4. CONTROLS AND PROCEDURES.

The Company has evaluated the  effectiveness  of the design and operation of its
disclosure  controls  and  procedures  as of a date  within 90 days prior to the
filing of this  quarterly  report on Form 10-Q  (the  "Evaluation  Date").  Such
evaluation was conducted under the supervision and with the participation of the
Chief  Executive  Officer  ("CEO") and the Chief  Financial  Officer  ("CFO") of
Vestin Mortgage,  Inc., the Company's Manager, who function as the equivalent of
the CEO and CFO of the Company.  Based upon such  evaluation,  the Company's CEO
and CFO have concluded that, as of the Evaluation Date, the Company's disclosure
controls and procedures were effective.  There have been no significant  changes
in the Company's  internal  controls or other  factors that could  significantly
affect these controls subsequent to the date of their most recent evaluation.

                                       16
<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 first quarter ended December 31, 2002.

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**

     99.1      Certification Pursuant to U.S.C. 18 Section 1350

----------
*    Previously filed as an exhibit to the  Registration  Statement on Form S-11
     (File No. 333-32800) on March 17, 2000.

**   Previously  filed as an exhibit to the Amendment No. 4 to the  Registration
     Statement on Form S-11/A (File No. 333-32800) on August 7, 2000.

(b)  Reports on Form 8-K

     None.

                                       17
<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: February 13, 2003

                                       18
<PAGE>
                                 CERTIFICATIONS

I, Steven J. Byrne, as the Chief Executive Officer of Vestin Mortgage, Inc., the
sole Manager of Vestin Fund I, LLC, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Vestin Fund I, LLC

2.   Based on my knowledge,  this  quarterly  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 quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     (a)  designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     (b)  evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     (c)  presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     (a)  all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     (b)  any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: February 13, 2003

/s/ Steven J Byrne
----------------------------------
Steven J Byrne
Chief Executive Officer*
Vestin Mortgage, Inc., sole
Manager of Vestin Fund I, LLC

*    Steven J. Byrne functions as the equivalent of the Chief Executive  Officer
     of the registrant
<PAGE>
I, Lance K. Bradford,  as the Chief Financial Officer of Vestin Mortgage,  Inc.,
the sole Manager of Vestin Fund I, LLC, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Vestin Fund I, LLC;

2.   Based on my knowledge,  this  quarterly  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 quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     (a)  designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     (b)  evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     (c)  presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     (a)  all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     (b)  any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: February 13, 2003

/s/ Lance K Bradford
----------------------------------
Lance K Bradford
Chief Financial Officer*
Vestin Mortgage, Inc., sole
Manager of Vestin Fund I, LLC

*    Lance K.  Bradford  functions  as the  equivalent  of the  Chief  Financial
     Officer of the registrant

                                       19
<PAGE>
                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350


Stephen J. Byrne, as Chief Executive Officer of Vestin Mortgage,  Inc., the sole
Manager of Vestin  Fund I, LLC (the  "Registrant"),  and Lance K.  Bradford,  as
Chief Financial Officer of Vestin Mortgage, Inc., hereby certify, pursuant to 18
U.S.C.ss.1350, that

     (1)  the Registrant's Report on Form 10-Q for the period ended December 31,
          2002, as filed with the Securities and Exchange Commission on the date
          hereof (the "Report"), fully complies with the applicable requirements
          of Section  13(a) or Section 15(d) of the  Securities  Exchange Act of
          1934; and

     (2)  the  information  contained  in the  Report  fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Registrant.

Dated: February 13, 2003                /s/ Stephen J. Byrne
                                        ----------------------------------------
                                        Stephen J. Byrne*
                                        Chief Executive Officer
                                        of Vestin Mortgage, Inc., Manager of the
                                        Registrant


Dated: February 13, 2003                /s/ Lance K. Bradford
                                        ----------------------------------------
                                        Lance K. Bradford*
                                        Chief Financial Officer
                                        of Vestin Mortgage, Inc., Manager of the
                                        Registrant


*    Stephen  J.  Byrne and Lance K.  Bradford  function,  respectively,  as the
     equivalent of the Chief Executive  Officer and Chief  Financial  Officer of
     the Registrant for purposes of 18 U.S.C. Section 1350.