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 MARCH 31, 2003

          [ ] 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 April 30, 2003, the Issuer had 9,552,984 of its Units outstanding.
<PAGE>
                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----
PART I  FINANCIAL INFORMATION
Item 1. Financial Statements
        Balance sheets as of March 31, 2003 (unaudited),
          and September 30, 2002...........................................    3
        Statements of income for the three and six months ended
          March 31, 2003 and 2002 (unaudited)..............................    4
        Statement of members' equity for the six months ended
          March 31, 2003 (unaudited).......................................    5
        Statements of cash flows for the six months ended
          March 31, 2003 and 2002 (unaudited)..............................    6
        Notes to financial statements (unaudited)..........................    8
Item 2. Management's Discussion and Analysis of Financial Condition
          and Results of Operations........................................   12
PART II OTHER INFORMATION
Item 1. Legal Proceedings..................................................   19
Item 2. Changes in Securities and Use of Proceeds..........................   19
Item 3. Defaults Upon Senior Securities....................................   19
Item 4. Submission of Matters to a Vote of Security Holders................   19
Item 6. Exhibits and Reports on Form 8-K...................................   19
SIGNATURES.................................................................   20

                                       2
<PAGE>
                               VESTIN FUND I, LLC

                                 BALANCE SHEETS

                                     ASSETS

<TABLE>
<CAPTION>
                                                           (UNAUDITED)
                                                          MARCH 31, 2003   SEPTEMBER 30, 2002
                                                          --------------   ------------------
<S>                                                        <C>                <C>
Cash                                                       $  1,132,742       $  2,762,334
Certificates of deposit                                       1,825,000          2,775,000
Interest and other receivables                                1,018,062          1,175,972
Note receivable from Manager                                    723,763                 --
Real estate held for sale                                    21,471,784          1,541,258
Investment in mortgage loans, net of allowance for loan
  losses of $300,000 and $100,000, respectively              70,998,595         91,091,308
Assets under secured borrowing                               11,144,379          6,637,370
Deferred bond offering costs                                    115,943             83,631
                                                           ------------       ------------

          Total assets                                     $108,430,268       $106,066,873
                                                           ============       ============

                         LIABILITIES AND MEMBERS' EQUITY

Liabilities
  Accounts payable                                         $     16,666       $         --
  Due to Manager                                                     --            430,447
  Due to related parties                                         99,370                 --
  Secured borrowing                                          11,144,379          6,637,370
                                                           ------------       ------------
          Total liabilities                                  11,260,415          7,067,817
                                                           ------------       ------------

Members' equity - authorized 10,000,000 units
  9,715,872 and 9,928,052 units issued and oustanding
  at $10 per unit at March 31, 2003 and
  September 30, 2002, respectively                           97,169,853         98,999,056
                                                           ------------       ------------
          Total members' equity                              97,169,853         98,999,056
                                                           ------------       ------------

          Total liabilities and members' equity            $108,430,268       $106,066,873
                                                           ============       ============
</TABLE>

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 SIX MONTHS ENDED
                                                 MARCH 31,                       MARCH 31,
                                       ----------------------------    ----------------------------
                                           2003            2002            2003            2002
                                       ------------    ------------    ------------    ------------
<S>                                    <C>             <C>             <C>             <C>
Revenues
  Interest income from investment in
    mortgage loans                     $  2,475,401    $  3,399,990    $  4,991,929    $  6,691,406
  Loan fees                                      --              --         104,788              --
  Other income                               36,743          29,557          71,674         162,660
                                       ------------    ------------    ------------    ------------
     Total revenues                       2,512,144       3,429,547       5,168,391       6,854,066
                                       ------------    ------------    ------------    ------------

Operating expenses
  Interest expense                          181,911              --         358,214              --
  Management fees to Manager                 62,852          62,101         125,508         185,768
  Provision for loan losses                 100,000              --         200,000              --
  Other                                      50,809             304          80,894             304
                                       ------------    ------------    ------------    ------------
     Total operating expenses               395,572          62,405         764,616         186,072
                                       ------------    ------------    ------------    ------------

     NET INCOME                        $  2,116,572    $  3,367,142    $  4,403,775    $  6,667,994
                                       ============    ============    ============    ============

Net income allocated to members        $  2,116,572    $  3,367,142    $  4,403,775    $  6,667,994
                                       ============    ============    ============    ============

Net income allocated to members per
  weighted average membership units    $       0.22    $       0.33    $       0.45    $       0.66
                                       ============    ============    ============    ============

Weighted average membership units         9,838,467      10,246,023       9,879,811      10,114,150
                                       ============    ============    ============    ============
</TABLE>

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                                              --        (5,711,177)

Capital contribution from Manager                          --         1,600,000

Reinvestments of distributions                        125,752         1,257,523

Members' withdrawals                                 (337,932)       (3,379,324)

Net income                                                 --         4,403,775
                                                 ------------      ------------

Members' equity at March 31, 2003                   9,715,872      $ 97,169,853
                                                 ============      ============

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 SIX MONTHS ENDED
                                                                        MARCH 31
                                                              ----------------------------
                                                                  2003            2002
                                                              ------------    ------------
<S>                                                           <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                  $  4,403,775    $  6,667,994
  Adjustments to reconcile net income to net
   cash provided by operating activities:
      Provision for loan losses                                    200,000              --
      Change in operating assets and liabilities:
        Due to Manager                                             (56,637)        303,328
        Due to related parties                                      99,370              --
        Interest and other receivables                             157,910          (1,451)
        Accounts payable                                            16,666              --
        Deferred bond offering costs                               (32,312)        (43,560)
                                                              ------------    ------------
        Net cash provided by operating activities                4,788,772       6,926,311
                                                              ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of investments in mortgage loans                    (21,327,843)    (53,908,196)
  Purchase of investments in mortgage loans from:
    Vestin Fund II, LLC                                        (12,575,000)             --
    Vestin Group Inc.                                           (3,700,000)             --
    Other related party                                           (295,000)             --
    Private investor                                              (230,403)             --
  Proceeds received from sale of mortgage loans to:
    Vestin Fund II, LLC                                         13,300,263              --
    Vestin Group Inc.                                            4,500,000              --
    Other related party                                            290,938              --
  Proceeds from loan paid off                                   19,401,659      53,336,850
  Proceeds from sale of investment in real estate
    held for sale to Manager                                     1,100,000              --
  Proceeds from certificates of deposit                            950,000              --
                                                              ------------    ------------
        Net cash provided by (used in) investing activities      1,414,614        (571,346)
                                                              ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from issuance of membership units                            --         383,394
  Members' withdrawals                                          (3,379,324)     (1,186,858)
  Members' distributions, net of reinvestments                  (4,453,654)     (5,498,974)
                                                              ------------    ------------
        Net cash used in financing activities                   (7,832,978)     (6,302,438)
                                                              ------------    ------------

        NET (DECREASE) INCREASE IN CASH                         (1,629,592)         52,527

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

CASH, ENDING                                                  $  1,132,742    $    450,789
                                                              ============    ============
</TABLE>

The accompanying notes are an integral part of these statements.

                                       6
<PAGE>
                               VESTIN FUND I, LLC

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                   FOR THE SIX MONTHS ENDED
                                                                           MARCH 31
                                                                 ----------------------------
                                                                     2003            2002
                                                                 ------------    ------------
<S>                                                              <C>             <C>
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:
  Non-cash investing and financing activities:
    Reinvestment of members' distributions                       $  1,257,523    $  1,435,162
                                                                 ============    ============
    Real estate held for sale acquired through foreclosure       $ 19,930,526    $         --
                                                                 ============    ============
    Investment in mortgage loans in real estate acquired for
      investments in real estate held for sale                   $    478,829    $         --
                                                                 ============    ============
    Loans funded through secured borrowing                       $  4,507,009    $         --
                                                                 ============    ============
    Note receivable related to capital contribution by Manager   $    723,763    $         --
                                                                 ============    ============
    In substance payoff of payable to Manager related to
      capital contribution by Manager                            $    876,237              --
                                                                 ============    ============
    Sale of rights to receive proceeds of guarantee              $  3,084,000    $         --
                                                                 ============    ============
    Conversion of deferred offering costs to membership units    $         --    $  1,000,000
                                                                 ============    ============
</TABLE>

The accompanying notes are an integral part of these statements.

                                       7
<PAGE>
                               VESTIN FUND I, LLC

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2003

                                   (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 in December 1999 and will continue  until December 31, 2019 unless
dissolved  prior thereto or extended by vote of the members under the provisions
of the Company's Operating Agreement.

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. The Operating
Agreement  also  provides  that the members have certain  rights,  including the
right to terminate the Manager subject to a majority vote of the members.

Vestin  Mortgage,  Inc. is also the Manager of Vestin Fund II, LLC,  ("Fund II")
and inVestin  Nevada,  Inc.,  entities 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.

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

                                       8
<PAGE>
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 cost or the  property's  estimated  fair value,  less
estimated costs to sell, based on appraisals and local market knowledge.

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.
The appraisals may be for the current estimate of the "as-if developed" value of
the  property,  and  which  approximates  the  post-construction  value  of  the
collateralized  property  assuming  that  such  property  is  developed.   As-if
developed  values on raw land loans or acquisition and  development  loans often
dramatically exceed the immediate sales value and may include anticipated zoning
changes, selection by a purchaser against multiple alternatives,  and successful
development   by  the  purchaser;   upon  which   development  is  dependent  on
availability  of  financing.  As most of the  appraisals  will be prepared on an
as-if developed basis, if a loan goes into default prior to any development of a
project,  the market value of the property  may be  substantially  less than the
appraised value. As a result, there may be less security than anticipated at the
time the loan was  originally  made.  If there is less  security  and a  default
occurs, the Company may not recover the full amount of the loan.

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.

Assets under secured borrowing have been segregated in the accompanying  balance
sheet and as of March 31, 2003 include  loans  outstanding  of $11.1 million and
real estate acquired through foreclosure of $58,250.

NOTE C -- INVESTMENTS IN MORTGAGE LOANS

Investments in mortgage loans are as follows:

March 31, 2003

<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   $10,705,666          14.71%         15.02%         43.27%
Bridge .......................             5     7,313,006          13.59%         10.26%         65.95%
Commercial ...................            21    28,348,646          12.77%         39.76%         62.61%
Construction .................             7    12,130,132          13.85%         17.01%         54.88%
Land .........................             6    12,322,316          12.95%         17.28%         43.02%
Residential ..................             3       478,829          12.50%          0.67%         70.00%
                                 -----------   -----------    -----------    -----------    -----------
                                          46   $71,298,595          13.36%        100.00%         55.40%
                                 ===========   ===========    ===========    ===========    ===========
</TABLE>

                                       9
<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.  The appraisals may be for the current estimate of the "as-if
developed" value of the property,  and which approximates the  post-construction
value of the  collateralized  property assuming that such property is developed.
As-if developed  values on raw land loans or acquisition  and development  loans
often dramatically  exceed the immediate sales value and may include anticipated
zoning changes,  selection by a purchaser  against  multiple  alternatives,  and
successful development by the purchaser;  upon which development is dependent on
availability  of  financing.  As most of the  appraisals  will be prepared on an
as-if developed basis, if a loan goes into default prior to any development of a
project,  the market value of the property  may be  substantially  less than the
appraised value. As a result, there may be less security than anticipated at the
time the loan was  originally  made.  If there is less  security  and a  default
occurs, the Company may not recover the full amount of the loan.

<TABLE>
<CAPTION>
                          MARCH 31, 2003    PORTFOLIO    SEPTEMBER 30, 2002   PORTFOLIO
      LOAN TYPE              BALANCE       PERCENTAGE         BALANCE        PERCENTAGE
      ---------            -----------     -----------      -----------      -----------
<S>                        <C>             <C>              <C>              <C>
First mortgages .......    $71,293,101           99.99%     $91,180,814            99.99%
Second mortgages** ....          5,494            0.01%          10,494             0.01%
                           -----------     -----------      -----------      -----------
                           $71,298,595          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
March 31, 2003:

          2003...................................    $  66,459,933
          2004...................................        4,838,662
                                                     -------------
                                                     $  71,298,595
                                                     =============

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

                  MARCH 31, 2003   PORTFOLIO    SEPTEMBER 30, 2002   PORTFOLIO
                     BALANCE       PERCENTAGE        BALANCE         PERCENTAGE
                   -----------     ----------      -----------       ----------
Arizona ........   $ 9,556,502          13.40%     $16,225,981            17.79%
California .....     7,353,182          10.31%       1,247,876             1.37%
Colorado .......     1,263,333           1.77%         983,217             1.08%
Florida ........       115,450           0.16%              --             0.00%
Hawaii .........     9,938,662          13.94%      11,750,000            12.88%
Nevada .........    26,485,436          37.15%      43,288,748            47.47%
New Mexico .....       478,829           0.67%       1,157,505             1.27%
Texas ..........    11,298,191          15.85%      11,568,971            12.69%
Utah ...........     3,369,010           4.73%       3,369,010             3.69%
Washington .....     1,440,000           2.02%       1,600,000             1.76%
                   -----------     ----------      -----------       ----------
                   $71,298,595         100.00%     $91,191,308           100.00%
                   ===========     ==========      ===========       ==========

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.

                                       10
<PAGE>
At March 31, 2003,  five of the  Company's  loans  totaling  $10.8  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. One
of these loans totaling $250,000 is 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,  as of the quarter  ended March 31,
2003, the Company's  Manager had granted  extensions on 12 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 as of the quarter
ended March 31, 2003 was  approximately  $15.9  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  $300,000  included in the  accompanying
balance  sheet as of March 31,  2003 is  adequate  to address  estimated  credit
losses in the Company's investment in mortgage loan portfolio 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

For the three and six months ended March 31, 2003 and 2002, the Company recorded
management fees to the Company's Manager of approximately  $62,852 and $125,508,
respectively,  compared to $62,101 and  $185,768  for the same  periods in 2002.
Additionally,  for the three and six months  ended March 31,  2003,  the Company
recorded pro rata  distributions  owed to the  Company's  Manager of $27,017 and
$56,033 based upon the total of 100,000 units owned by the Company's Manager.

As of March 31, 2003, the Company  recorded a note  receivable  from its Manager
totaling  $723,763.  The note is  unsecured,  bears  interest at 6%,  matures on
September 30, 2003, and requires five equal monthly payments  totaling  $147,668
beginning on May 31, 2003. The note constitutes a capital  contribution  made by
the Manager to restore the value of the  members'  capital  account in Fund I to
approximately $10 per unit. No units were issued to the Manager in consideration
of this capital contribution.

During the six months ended March 31, 2003, the Company purchased $12,575,000 in
investments in mortgage loans from Vestin Fund II, LLC,  $3,700,000  from Vestin
Group, Inc.,  $478,829 from the Manager and $295,000 from other related parties.
For the same period,  the Company sold  $13,300,263  in  investments in mortgage
loans to Vestin Fund II, LLC,  $4,500,000 to Vestin Group Inc.,  and $290,938 to
other related parties.

During the six months  ended March 31,  2003,  the Company sold real estate held
for sale of $1.6 million to Vestin  Group.  No gain or loss was recorded on this
sale.

During  the  quarter  ended  March 31,  2003,  the  Company  received  a capital
contribution from the Company's Manager of $1.6 million to increase the members'
capital account to approximately $10 per unit. The contribution  includes a note
receivable totaling $723,763, which bears interest at 6% and requires five equal
monthly payments totaling  $147,668  beginning on May 31, 2003. The contribution
also includes the forgiveness of management fees and other awards payable to the
Manager and other accounts payable of $876,237.

NOTE E -- REAL ESTATE HELD FOR SALE

At March 31, 2003, the Company had seven  properties with a total carrying value
of $21.5  million,  which were  acquired  through  foreclosure  and  recorded as
investments  in real estate held for sale.  The Company may share  ownership  of
such  properties  with Fund II, the Manager,  or other  unrelated  parties.  The
summary below  includes the  Company's  percentage  ownership in each  property.
These investments in real estate held for sale are accounted for at the lower of
cost or fair value less costs to sell with fair value  based on  appraisals  and
knowledge of local market  conditions.  It is not the Company's intent to invest
in or own real  estate as a  long-term  investment.  The  Company  seeks to sell
properties acquired through foreclosure as quickly as circumstances  permit. The
following is a summary of real estate held for sale as of March 31, 2003:

                                       11
<PAGE>
<TABLE>
<CAPTION>
                       Description                               % of ownership   Carrying value
                       -----------                               --------------   --------------
<S>                                                              <C>              <C>
Raw land in Mesquite, Nevada                                          58%           $ 2,961,029
40 acres of land containing 381 RV lots in Las Vegas, Nevada          69%            12,141,886
A 36-unit apartment complex located in Las Vegas, Nevada,             13%               215,432
65 acres of raw land in Mesquite, Nevada                              59%             1,839,607
A custom residential property located in Santa Fe, New Mexico         96%             1,191,055
An uncompleted golf course in Mesquite, Nevada                        64%             3,019,484
An approximate 200-unit apartment complex located in Las Vegas,
   Nevada                                                              2%               103,291
                                                                                    -----------
          Total                                                                     $21,471,784
                                                                                    ===========
</TABLE>

Based on  management's  estimate of fair value of these  assets,  no  impairment
charge was required as of March 31, 2003.

Through  foreclosure,  the Company  assumed an  approximate  2%  ownership  of a
200-unit  apartment  complex as described  above. The other 98% is owned by Fund
II.  The  Company  has  engaged  an  outside  management  company  to manage the
apartment  complex,  pending  its  sale.  The  Company's  share of  income  from
operations  for the three  months  ended  March 31,  2003  totaled  $80 which is
included in other income on the accompanying statements of income.

NOTE F -- SECURED BORROWING

As of March 31,  2003,  the  Company  had $11.1  million in  secured  borrowings
pursuant to an  intercreditor  agreement  with the related  amounts  included in
assets under secured borrowing.  For the three and six month periods ended March
31,  2003,  the Company  recorded  interest  expense of $181,911  and  $358,214,
respectively, related to the secured borrowing.

NOTE G -- LITIGATION INVOLVING THE MANAGER

The Manager,  Vestin Group,  Inc., and Del Mar Mortgage,  Inc., a company wholly
owned by Mike Shustek, the largest shareholder and CEO of the Vestin Group, Inc.
(collectively,  the  "defendants"),  are  defendants  in  a  civil  action  (the
"Action").  On April 10, 2003, the United States District Court for the District
of Nevada (the "Court") entered a judgment in the Action for $5.0 million,  plus
interest  accruing  from March 26,  2003,  jointly  and  severally  against  the
defendants.  Subsequent to April 10, 2003, the Court stayed the execution of the
judgment  pending the hearing and ruling on post-trial  motions and accordingly,
the Court did not require the  defendants to post a bond for the  judgment.  Del
Mar Mortgage,  Inc. has indemnified  Vestin Group,  Inc. and the Manager for any
losses and expenses in connection  with the Action.  Mr.  Shustek has guaranteed
the indemnification.  If the stay of execution is lifted, Mr. Shustek has agreed
to provide a bond in the amount of the judgment.  In management's  opinion after
consultation with legal counsel, the judgment against Vestin Group, Inc. and the
Manager  will be vacated  and will have no effect on the  operating  results and
financial  condition of the Company.  The defendants are appealing the rating by
the District Court.

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, and
inVestin Nevada, Inc. which are entities similar 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 and six month periods ended
March 31, 2003. 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," "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.

                                       12
<PAGE>
OVERVIEW

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  March  31,  2003,  an
additional 562,332 units have been purchased under this plan.  Additionally,  in
connection  with the Company's  organization,  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

<TABLE>
<CAPTION>
                                                          THREE MONTHS ENDED MARCH 31,     SIX MONTHS ENDED MARCH 31,
                                                          ----------------------------    ----------------------------
                                                              2003            2002            2003            2002
                                                          ------------    ------------    ------------    ------------
<S>                                                       <C>             <C>             <C>             <C>
Total revenues ........................................   $  2,512,144    $  3,429,547    $  5,168,391    $  6,854,066

Total expenses ........................................        395,572          62,405         764,616         186,072
                                                          ------------    ------------    ------------    ------------
Net income ............................................   $  2,116,572    $  3,367,142    $  4,403,775    $  6,667,994
                                                          ============    ============    ============    ============
Earnings per unit:
Net income allocated to members per weighted average
  membership units ....................................   $       0.22    $       0.33    $       0.45    $       0.66
                                                          ============    ============    ============    ============
Annualized rate of return to members (a) ..............            8.6%           13.1%            8.9%           13.2%
                                                          ============    ============    ============    ============
Weighted average membership units .....................      9,838,467      10,246,023       9,879,811      10,114,150
                                                          ============    ============    ============    ============
</TABLE>

(a) The  annualized  rate of return to members is calculated  based upon the net
    income  allocated to members per weighted average units as of March 31, 2003
    and 2002 divided by the number of months during the period and multiplied by
    twelve (12) months, then divided by ten (the $10 cost per unit).

THREE AND SIX MONTHS ENDED MARCH 31, 2003 COMPARED TO THREE AND SIX MONTHS ENDED
MARCH 31, 2002

Total  Revenues.  For the three and six months  ended March 31,  2003,  revenues
totaled $2.5 million and $5.2  million,  respectively,  compared to $3.4 million
and $6.9  million  for the same period in 2002,  a decrease of $0.9  million and
$1.7  million or 26% and 25%. The  decrease in revenue was  primarily  due to an
increase in non-earning  assets.  The Company's  non-earning assets at March 31,
2003 were  approximately  $32.5  million,  an increase of $32.5  million for the
three and six months ended March 31, 2003, compared to the same periods in 2002.
Consequently,  interest  earned on our  investments in mortgage loans during the
six months in 2003  decreased  compared to the same period in 2002.  Our Manager
believes that the increase in non-earning  assets is primarily the result of the
individual  circumstances of the borrowers involved.  Our revenues will continue
to suffer until we are able to convert a significant  portion of the non-earning
assets into interest  paying  mortgage  loans.  We attempt to accomplish this by
working with the borrower  where  possible and by  foreclosing on the underlying
property  where  necessary.  We  intend  to  sell  properties  acquired  through
foreclosure as soon as practicable,  consistent with our objective of avoiding a
loss of principal on our loans.  However,  we cannot predict how quickly we will
be able to sell foreclosed properties.

Total  Expenses.  For the three and six months  ended March 31,  2003,  expenses
totaled  $395,572 and $764,616,  respectively,  compared to $62,405 and $186,072
for the same period in 2002, an increase of $333,167 and $578,544, respectively.
Increase in total expenses for 2003 primarily  related to the provision for loan
losses totaling  $200,000,  and interest  expense  totaling  $358,214 related to
secured  borrowing  as  further  discussed  in  Note F in the  footnotes  to the
attached  financial  statements.  Although  our  Manager  believes  the  current
provision for loan losses is adequate,  it is possible that this  provision will
need to be increased  to reflect  difficulties  encountered  in  recovering  our
investment  in defaulted  loans.  In such event,  our  expenses  may  materially
increase.  Management  fees for the three and six months  ended  March 31,  2003
totaled  $62,852  and  $125,508,  respectively.  Management  fees are an  annual
recurring  expense  based  upon an amount up to 0.25% of  aggregate  outstanding
capital.

Net  Income.  Overall,  net income for the three and six months  ended March 31,
2003 totaled  $2.1  million and $4.4  million  compared to $3.4 million and $6.7
million,  respectively,  for the same period in 2002, a decrease of $1.3 million
and $2.3 million or 38% and 34%, respectively.

                                       13
<PAGE>
Annualized  Rate of Return to Members.  For the three and six months ended March
31,  2003,  annualized  rate  of  return  to  members  totaled  8.6%  and  8.9%,
respectively,  as compared to 13.1% and 13.2%, respectively for the same periods
in 2002. The decrease in annualized  rate of return to members was primarily the
result of the increase in  non-earning  assets of $32.5  million as of March 31,
2003 compared to $0 as of March 31, 2002.

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.  The amount of capital we have to invest in mortgage  loans has been
reduced by the increase in non-earning  assets  discussed  above and redemptions
during the past six months of approximately $3.4 million.

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.  However,  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.  The average interest rate on our loans at March 31, 2003 was 13.36%,
as compared to 13.11% at March 31, 2002. Moreover, a prolonged recession or poor
credit decisions by our Manager may continue the increase in non-earning assets.
This  increase  in  non-earning  assets has  contributed  to the  decline in our
annualized  rate of return to members  from 13.2% at March 31,  2002 to 8.9% for
the six months ended March 31, 2003.

INVESTMENTS IN MORTGAGE LOANS SECURED BY REAL ESTATE PORTFOLIO

As of March 31, 2003,  the Company  invested in mortgage  loans  secured by real
estate  totaling  $71,298,595,  including 46 loans with an  aggregate  principal
value of  $71,293,101  secured by first  deeds of trust.  Two of these loans are
also  secured by second deeds of trust  totaling  $5,494.  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 March 31, 2003,  the weighted  average  contractual  interest yield on the
Company's  investment in mortgage  loans is 13.36%.  These mortgage loans mature
within the next 24 months.

Losses may occur from  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
temporarily  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:

     o    prevailing economic conditions;

     o    historical experience;

     o    the nature and volume of the loan portfolio;

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

     o    evaluation of industry trends;

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

     o    estimated net realizable value of any underlying collateral.

Based upon this evaluation the Company's Manager believes that the allowance for
loan losses totaling $300,000  included in the accompanying  balance sheet as of
March 31, 2003 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

                                       14
<PAGE>
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 cost 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
developed 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.

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

                                       15
<PAGE>
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 Company recorded management
fees to the  Manager  during the three and six months  ended  March 31,  2003 of
$62,852 and $125,508, respectively.

During the six months  ended March 31,  2003,  cash flows  provided by operating
activities  approximated $4.8 million.  Investing  activities  consisted of cash
provided by sales of investments in mortgage  loans  approximating  $0.5 million
(net of  proceeds  from  investments  in  mortgage  loans) and the  maturity  of
certificates  of  deposit  approximating  $0.9  million.   Financing  activities
consisted   of  members'   withdrawals   in  the  amount  of  $3.4  million  and
distributions of $4.4 million (net of reinvestments).

As of March 31, 2003, members holding approximately 19% 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,  which totaled approximately $3.4 million for
the six months ended March 31, 2003,  are limited by the terms of our  Operating
Agreement to not more than 10% per year and are subject to other conditions.

Non-earning assets, which include loans on non-accrual (discussed in Note C) and
real estate held for sale  (discussed in Note E), totaled $32.5 million at March
31, 2003. 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.

Our  Manager  believes  that  total  non-earning  assets at March 31,  2003 have
increased since  September 30, 2002,  primarily 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 March 31,  2003,  the  Company  had $1.1  million  in cash,  $1.8  million in
certificates  of deposit,  and $108.4  million in total  assets.  It appears the
Company has sufficient  working  capital to meet its operating needs in the near
term.

As of March 31, 2003,  the Company had  liabilities  totaling  $11.1  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.

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.
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

     o    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.

                                       16
<PAGE>
     o    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.

     o    Appraisals may be performed on an "as-if developed"  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.

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

     o    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.

     o    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.

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.

                                       17
<PAGE>
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 mortgage  loans,  including those which
are financed under the intercreditor agreement. At March 31, 2003, the Company's
aggregate  investment in mortgage loans was $82,384,724  with a weighted average
contractual yield of 13.33%.  Loans financed under the  intercreditor  agreement
totaled $11,086,129 at March 31, 2003 and are classified as assets under secured
borrowing.  Such financing is at a weighted average contractual interest rate of
12%.  These  mortgage  loans  mature  within  the  next  24  months.  All of the
outstanding  mortgage  loans at March 31, 2003 are fixed rate loans.  All of the
mortgage loans are held for investment purposes. None of the mortgage loans have
prepayment penalties.

As of March 31, 2003, the Company had cash and  investments in  certificates  of
deposit and other short-term deposit accounts totaling $3.0 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.

                                       18
<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 second quarter ended March 31, 2003.

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.

                                       19
<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: May 15, 2003

                                       20
<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: May 15, 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

                                       21
<PAGE>
I, Lance K. Bradford, as the Chief Accounting 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: May 15, 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  Accounting
     Officer of the Manager

                                       22