<PAGE>

                     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, 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 April 30, 2002, the Issuer had 10,258,896 of its Units outstanding.


<PAGE>

ITEM 1.         FINANCIAL STATEMENTS



<TABLE>
<CAPTION>
                                                                                                                 PAGE
           <S>                                                                                                   <C>

           Balance sheets as of March 31, 2002 (unaudited) and December 31, 2001....................................3

           Statements of income for the three months ended March 31, 2002 (unaudited)
             and 2001 (unaudited)...................................................................................4

           Statement of members' equity for the three months ended March 31, 2002 (unaudited).......................5

           Statements of cash flows for the three months ended March 31, 2002 (unaudited)
             and 2001 (unaudited)...................................................................................6

           Notes to financial statements............................................................................7
</TABLE>





                                       2
<PAGE>

                               VESTIN FUND I, LLC

                                 BALANCE SHEETS



<TABLE>
<CAPTION>
                                               March 31, 2002      December 31,
                                                 (Unaudited)          2001
                                               --------------     ------------
<S>                                             <C>               <C>

                                     ASSETS

   Cash                                         $    450,789      $  1,256,750
   Short-term investment -- related party                 --           550,000
                                                ------------      ------------
       Total cash and cash equivalents               450,789         1,806,750

   Certificates of deposit                         3,000,000         2,450,000
   Interest and other receivables                  1,082,337         1,037,218
   Investment in mortgage loans                   98,020,146        97,228,156
   Other assets                                       43,560                --
                                                ------------      ------------
Total assets                                    $102,596,832      $102,522,124
                                                ============      ============

                        LIABILITIES AND MEMBERS' EQUITY

Liabilities
   Due to Managing Member, net                  $    210,562      $     66,525
                                                ------------      ------------
Total liabilities                                    210,562            66,525
Members' equity                                  102,386,270       102,455,599
                                                ------------      ------------
      Total liabilities and members'equity      $102,596,832      $102,522,124
                                                ============      ============
</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
                                                                   March 31,
                                                          ---------------------------
                                                              2002            2001
                                                          -----------      ----------
<S>                                                       <C>              <C>
Revenues
   Interest income from investment in mortgage loans      $ 3,399,990      $1,646,508
   Other income                                                29,557         129,734
                                                          -----------      ----------
      Total revenues                                        3,429,547       1,776,242

Operating expenses
   Management fees to Managing Member                          62,101          31,981
   Other                                                          304          21,125
                                                          -----------      ----------
      Total operating expenses                                 62,405          53,106
                                                          -----------      ----------
Net income                                                $ 3,367,142      $1,723,136
                                                          ===========      ==========
Net income allocated to members                           $ 3,367,142      $1,723,136
                                                          ===========      ==========
Net income allocated to members per weighted
   average membership units                               $      0.33      $     0.34
                                                          ===========      ==========
Weighted average membership units                          10,246,023       5,089,337
                                                          ===========      ==========
</TABLE>


        The accompanying notes are an integral part of these statements.




                                       4
<PAGE>

                               VESTIN FUND I, LLC

                          STATEMENT OF MEMBERS' EQUITY

                                   (Unaudited)



<TABLE>
<CAPTION>
                                                For the three months
                                                ended March 31, 2002
                                          -------------------------------
                                             UNITS              AMOUNT
                                          -----------       -------------
<S>                                        <C>              <C>
Members' equity at December 31, 2001       10,238,488       $ 102,455,599
Distributions                                      --          (3,348,727)
Reinvestments of distributions                 71,572             715,720
Members' withdrawals                          (80,347)           (803,464)
Net income                                         --           3,367,142
                                          -----------       -------------
Members' equity at March 31, 2002          10,229,713       $ 102,386,270
                                          ===========       =============
</TABLE>


         The accompanying notes are an integral part of this statement.




                                       5
<PAGE>

                               VESTIN FUND I, LLC

                            STATEMENTS OF CASH FLOWS

                                   (Unaudited)



<TABLE>
<CAPTION>
                                                                                 For the three months ended
                                                                                           March 31,
                                                                              -------------------------------
                                                                                  2002               2001
                                                                              ------------       ------------
<S>                                                                           <C>                <C>
Cash flows from operating activities:

   Net income                                                                 $  3,367,142       $  1,723,136

   Adjustments to reconcile net income to net cash provided by operating
    activities:

      Change in due to Managing Member                                             144,037             52,179
      Change in interest and other receivables                                     (45,118)          (137,127)
      Change in other assets                                                       (43,560)           (86,710)
                                                                              ------------       ------------
            Net cash provided by operating activities                            3,422,501          1,551,478

Cash flows from investing activities:

   Purchase of investments in mortgage loans                                    (9,803,356)       (21,720,458)
   Proceeds from loan payoffs                                                    9,011,365          1,083,154
   Investment in certificates of deposit                                          (550,000)          (475,000)
                                                                              ------------       ------------
            Net cash used by investing activities                               (1,341,991)       (21,112,304)

Cash flows from financing activities:

   Proceeds from issuance of membership units                                           --         21,247,826
   Members' withdrawals                                                           (803,464)                --
   Distributions to Members, net of reinvestments                               (2,633,007)        (1,241,805)
                                                                              ------------       ------------
            Net cash provided (used) by financing activities                    (3,436,471)        20,006,021
                                                                              ------------       ------------
Net increase (decrease) in cash                                                 (1,355,961)           445,195
Cash beginning of period                                                         1,806,750            370,304
                                                                              ------------       ------------
Cash end of period                                                            $    450,789       $    815,499
                                                                              ============       ============

  Supplemental disclosures of cash flows information:

    Non-cash financing activities:
    Conversion of deferred offering costs
        to membership units                                                   $         --       $    843,619
                                                                              ============       ============
    Reinvestment of members' distributions                                    $    715,720       $    241,763
                                                                              ============       ============
</TABLE>


        The accompanying notes are an integral part of these statements.




                                       6
<PAGE>

                               VESTIN FUND I, LLC

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2002



NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.    ORGANIZATION

Vestin Fund I, LLC, a Nevada Limited Liability Company (the "Company"), is
primarily engaged in the business of funding mortgage loans. The Company invests
in loans secured by real estate through deeds of trust and mortgages. The
Company was organized on December 14, 1999 (date of formation) and will continue
until December 31, 2019 unless dissolved prior thereto or extended by vote of
members in accordance with the provisions of the Company's Operating Agreement.
On July 9, 2001, the Company changed its name from DM Mortgage Investors, LLC to
Vestin Fund I, LLC. 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 March 31, 2002, an
additional 297,312 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 is traded on the NASDAQ under the symbol
"VSTN." The Operating Agreement provides that the Manager has exclusive control
over the business of the Company; including the power to assign duties, to
determine how to invest the Company's assets, to sign bills of sale, title
documents, leases, notes, security agreements, mortgage investments and
contracts, and to assume direction of the business operations.

The accompanying 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 this Form 10-Q and the Company's annual report on Form 10-K for
the fiscal year ended December 31, 2001 of the Company.

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

2.    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>

                               VESTIN FUND I, LLC

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2002



NOTE B - INVESTMENT IN MORTGAGE LOANS

Investment in mortgage loans are as follows:

<TABLE>
<CAPTION>
March 31, 2002

                      Number
      Loan             of                           Average       Fund         Loan
      Type            Loans       Balance        Interest Rate  Percentage   To Value
-----------------   --------    -----------      -------------  ----------   --------
<S>                 <C>         <C>              <C>            <C>          <C>
Acquisition
  and development       9       $23,684,556          14.14%       24.16%      52.96%
Bridge                  4        10,064,806          12.45%       10.27%      56.50%
Commercial             10        23,695,665          12.95%       24.17%      62.34%
Construction            8        27,336,970          14.38%       27.89%      57.50%
Land                    4        10,506,717          13.75%       10.72%      38.75%
Residential             2         2,731,432          11.00%        2.79%      63.50%
                                -----------          ------      -------      ------
                                $98,020,146          13.11%      100.00%      55.26%
                                ===========          ======      =======      ======
</TABLE>


<TABLE>
<CAPTION>
December 31, 2001

                     Number
      Loan             of                          Average       Fund         Loan
      Type            Loans      Balance        Interest Rate  Percentage   To Value
-----------------   --------   -----------      -------------  ----------   --------
<S>                 <C>         <C>              <C>            <C>          <C>
Acquisition
  and development      9       $23,874,908          14.06%       24.56%      52.96%
Bridge                 4        13,013,056          14.00%       13.38%      53.50%
Commercial             9        24,158,627          12.92%       24.85%      65.68%
Construction           9        26,184,197          14.22%       26.93%      60.78%
Land                   2         7,000,000          14.00%        7.20%      41.00%
Residential            2         2,997,368          11.00%        3.08%      63.50%
                               -----------          ------      -------      ------
                               $97,228,156          13.37%      100.00%      55.24%
                               ===========          ======      =======      ======
</TABLE>



<TABLE>
<CAPTION>
March 31, 2002
                                                                             Fund
     Type                                          Balance                Percentage
-----------------                                -----------              ----------
<S>                                              <C>                      <C>
First mortgages                                  $97,999,652                 99.98%
Second mortgages                                      20,494                  0.02%
                                                 -----------                -------
                                                 $98,020,146                100.00%
                                                 ===========                =======
December 31, 2001

     Type
-----------------
First mortgages                                  $97,228,156                100.00%
Second mortgages                                          --                  0.00%
                                                 -----------                -------
                                                 $97,228,156                100.00%
                                                 ===========                =======
</TABLE>




                                       8
<PAGE>

                               VESTIN FUND I, LLC

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2002

NOTE B - INVESTMENT IN MORTGAGE LOANS (continued)

The following is a schedule of maturities of investment in mortgage loans as of
March 31, 2002 for the years ended December 31,:

<TABLE>
<S>                                        <C>
2002                                       $ 89,133,697
2003                                          7,021,403
2004                                                 --
2005                                          1,541,258
2006                                            323,788
                                           ------------
                                           $ 98,020,146
                                           ============
</TABLE>

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

<TABLE>
<CAPTION>
March 31, 2002
                                                                              Fund
                                                   Balance                 Percentage
                                                 -----------               ----------
<S>                                              <C>                       <C>
Arizona                                          $ 5,564,381                  5.68%
California                                         9,093,821                  9.28%
Hawaii                                            15,997,846                 16.32%
New Mexico                                         1,157,505                  1.18%
Nevada                                            39,414,462                 40.21%
Oregon                                             3,303,787                  3.37%
Texas                                             16,905,906                 17.25%
Utah                                               4,982,438                  5.08%
Washington                                         1,600,000                  1.63%
                                                 -----------                -------
                                                 $98,020,146                100.00%
                                                 ===========                =======


December 31, 2001

Arizona                                          $ 2,564,381                  2.64%
California                                        11,932,105                 12.27%
Hawaii                                            19,113,911                 19.66%
New Mexico                                         1,157,505                  1.19%
Nevada                                            36,659,142                 37.70%
Oregon                                             3,938,393                  4.05%
Texas                                             15,280,281                 15.72%
Utah                                               4,982,438                  5.12%
Washington                                         1,600,000                  1.65%
                                                 -----------                -------
                                                 $97,228,156                100.00%
                                                 ===========                =======
</TABLE>





                                       9
<PAGE>

                               VESTIN FUND I, LLC

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2002



NOTE B - INVESTMENT IN MORTGAGE LOANS (continued)

As of March 31, 2002, substantially all mortgage loan payments are current and
performing in accordance with their terms. However, certain loans are delinquent
and not performing in accordance with their contractual terms. These loans have
been placed on a non-accrual status. Management 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.
Accordingly, the Managing Member has concluded that an allowance for loan losses
is not deemed necessary.

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

NOTE C - RELATED PARTY TRANSACTIONS

As of March 31, 2002, due to Managing Member totaling $210,562 is primarily
comprised of amounts related to management fees and distributions payable on
units owned by the Managing Member.

For the three months ended March 31, 2002 and 2001, the Company recorded
management fees to the Managing Member totaling $62,101 and $31,981,
respectively.

For the three months ended March 31, 2002, the Company recorded distributions to
the Managing Member totaling $32,650 based upon a total of 100,000 units owned.





                                       10
<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

BACKGROUND

Prior to September 1, 2000, Vestin Fund I, LLC (the "Company") was a development
stage company with no operational activities. The Company concluded the offering
of its Units in June 2001. The Company's financial results reflect the amount of
capital it had for investment in mortgage loans and no meaningful comparison may
be made between the results of the Company's operations in the first quarter of
2002 and the results of the Company's operations in the first quarter of 2001.
Moreover, the Company's past performance may not be indicative of future
results. 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
annual report on Form 10-K for the year ended December 31, 2001.

FORWARD LOOKING STATEMENTS

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

OVERVIEW

The Company's operating results are affected primarily by: (i) the amount of
capital it has to invest in mortgage loans, (ii) the level of real estate
lending activity in the markets it services, (iii) its ability to identify and
work with suitable borrowers, (iv) the interest rates it is able to charge on
its loans and (v) the level of foreclosures and related loan losses which it
experiences. In June 2001, the Company completed the sale of its Units, raising
an aggregate of $100 Million. These funds, subject to a 3% reserve, constitute
the bulk of the funds the Company has available for investment in mortgage
loans. The Company does not have any arrangements in place to increase
materially the funds it will have available to invest. See the discussion below
under "Capital and Liquidity."

The US economy is currently suffering from a mild recession which began in 2001.
However, the Company has not experienced a material slowdown in commercial real
estate lending in the markets which it services. To some extent, more
conservative lending practices implemented by some traditional mortgage lenders
to cope with the recession have had the result of increasing the pool of
potential borrowers willing to pay the higher rates which the Company charges.
This trend has also enabled the Company to continue to earn yields of more than
13% per annum, notwithstanding the decline in interest rates in the general
economy. However, this trend has been off-set by the continuing decline in
interest rates which is putting downward pressure on the yields the Company can
generate for Members. As of March 31, 2002, the weighted average yield on the
Company's outstanding mortgage loan investments was 13.68%, as compared to
13.86% at December 31, 2001.

SUMMARY OF FINANCIAL RESULTS

<TABLE>
<CAPTION>
                                                  Three months ended March 31,
                                                  ----------------------------
                                                     2002              2001
                                                  -----------       ----------
<S>                                               <C>               <C>
Total revenues                                    $ 3,429,547       $1,776,242
Total expenses                                         62,405           53,106
                                                  -----------       ----------
Net income                                        $ 3,367,142       $1,723,136
                                                  ===========       ==========

Earnings per unit:

Net income allocated to members per weighted
   average membership units                       $      0.33       $     0.34
Annualized net interest yield to members (a)             13.1%            13.5%
Weighted average membership units                  10,246,023        5,089,337
</TABLE>




                                       11
<PAGE>

(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 March
31, 2002 and 2001 divided by 3 (number of months during the period) and
multiplied by twelve (12) months, then divided by ten (the $10 cost per unit).

Net income for the three months ended March 31, 2002 and 2001 was derived
primarily from interest income on mortgage loans approximating $3.4 million and
$1.6 million, respectively.

INVESTMENT IN MORTGAGE LOANS SECURED BY REAL ESTATE PORTFOLIO

As of March 31, 2002, the Company invested in mortgage loans secured by real
estate approximating $98,020,000. Such loans consisted of thirty-seven (37)
loans of which thirty-two (32) loans are secured through first deeds of trust
and five (5) loans are secured through a second deeds of trust. Investment in
mortgage loans secured through second deeds of trust consist involve existing
loans of which are secured through first deeds of trusts. The following is a
summary of the Company's mortgage loan borrowers as of March 31, 2002:

<TABLE>
<S>                              <C>                            <C>
Andre Tatibouet                  Gary A. Wexler                 Micon Office Condos
Arroyo Heights                   Gladden Farms, LLC             Red Hills Oasis
Art Collection, Inc.             Golden Nugget Holdings         Red Mountain Resorts
Arvis Forest                     HHG Partners                   Rightstar Hawaii
Bridge Aina Le'a, LLC            Horizon Homes, Inc.            SBG Group, LLC
Brugnara Properties V, LLC       Intercapital of Texas, Inc.    South Mountain, LLC
Burnett Development              Lakeside Village, LLC          VSS Enterprises, LLC
California Property Inv.         LV RV Resort LLC               Youngtown Village
Corinthians Real Estate          Malibu Bay Suites
Custom Stone, LTD                Marshall's Harbor
David Weckerly, Inc.             MDS Development, LLC
Falcon Hospitality               Mesquite 643 LLC
</TABLE>


As of March 31, 2002, investment in loans secured by real estate are invested in
loans with a weighted average interest yield of 13.68% maturing within the next
one to fifty (50) months.

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

The conclusion that a mortgage loan is uncollectible or that collectibility is
doubtful is a matter of judgment. Although lenders such as banks and savings and
loans are subject to regulations that require them to perform ongoing analyses
of their loan portfolios (including analyses of loan to value ratios, reserves,
etc.), and to obtain current information regarding borrowers and the securing
properties, the Company is not subject to these regulations and has not adopted
these practices. Rather, the Manager, in connection with the quarterly closing
of the Company's accounting records and the preparation of its financial
statements, evaluates the Company's mortgage loan portfolio to determine if any
outstanding loans are uncollectible or impaired and, in such event, whether a
loss is probable. The fact that a loan is past due does not necessarily mean
that the loan is uncollectible or impaired. Rather, all relevant circumstances
are considered by the Manager to determine the probability of loan losses. Such
evaluation, which includes a review of all loans on which full collectibility
may not be reasonably assured, considers among other matters:

        -  prevailing economic conditions;

        -  historical experience;

        -  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.




                                       12
<PAGE>

Based upon this evaluation, a determination is made as to whether the allowance
for loan losses is adequate to cover any potential losses. Additions to the
allowance for loan losses are made by charges to the provision for loan losses.
Loan losses deemed to be uncollectible are charged against the allowance for
loan losses. Recoveries of previously charged off amounts are credited to the
allowance for loan losses. As of March 31, 2002, the Manager concluded that no
provision for loan losses was deemed necessary. There were no actual losses
incurred on loans by the Company during the three months ended March 31, 2002.
At March 31, 2002, none of the Company's loans were non-performing (more than 90
days past due on interest payments). However, the Company had two loans totaling
approximately $3,367,000 on which payment of principal was past due. The loan to
value ratio on the two loans is 58% and 33%, respectively. The Company's Manager
evaluated the loans and concluded that the underlying equity was sufficient to
protect us against a loss of principal or interest. Accordingly, no reserve was
recorded. Both of those two loans have been repaid in full.

In addition to the above-mentioned loans, at March 31, 2002, the Company's
Manager had granted extensions on 6 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 March 31, 2002 was approximately
$28,172,000. At March 31, 2002, all such loans were current in payments of
interest. The average loan to value ratio on such loans is 57%. Accordingly, the
Company's Manager concluded that no reserve was necessary with respect to such
loans.

Subsequent to December 31, 2001, three of the loans which had been granted
extensions at December 31, 2001 became past due with respect to payment of
principal, and the Company is currently commencing foreclosure proceedings on
two of these loans. The three loans total approximately $9,053,852 and have loan
to value ratios of 53.6%, 34% and 69%. Two of the three loans in the aggregate
amount of $7,256,850 are also delinquent with respect to interest payments. The
Company's Manager will continue to evaluate these loans with respect to
collectibility.

Because of the fact that any decision regarding reserves for loan losses
reflects a judgment about the probability of future events, there is an inherent
risk that such judgments will prove incorrect. In such event, actual losses may
exceed (or be less than) the amount of any reserve. To the extent that the
Company experiences losses greater than the amount of its reserves, 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.

CAPITAL AND LIQUIDITY

Liquidity is a measure of a company's ability to meet potential cash
requirements, including ongoing commitments to fund lending activities and for
general operation purposes. The Company believes that interest earned from both
investment loans and cash held at bank institutions in the next twelve months
will be sufficient to meet the Company's capital requirements. The Company does
not anticipate the need for hiring any employees, acquiring fixed assets such as
office equipment or furniture, or incurring material office expenses during the
next twelve months because the Manager will continue to manage the Company's
affairs. The Company may pay the Manager an annual management fee of up to 0.25%
of the Company's aggregate capital contributions. Pursuant to the Company's
Operating Agreement the maximum amount of management fees the Manager was
entitled to receive during the three months ended March 31, 2002 was $62,101.

During the three months ended March 31, 2002, cash flows provided by operating
activities approximated $3.4 million. Investing activities consisted of
investment in loans secured by real estate in the amount of $792,000 (net of
proceeds from payoffs of mortgage loans), and investment in certificate of
deposits of $550,000. Financing activities consisted of members' withdrawal in
the amount of $803,000 and distributions of $2.6 million (net of reinvestments).

As the offering of the Company's units was completed in June 2001 and 95% of the
Company's funds are currently invested in mortgage loans, the Company currently
relies upon loan repayments and dividend reinvestments to provide the cash
necessary to carry on its business. Any significant level of defaults on
outstanding loans could reduce the funds it has available for investment in new
loans. Resulting foreclosure proceedings may not generate full repayment of the
Company's loans and may result in significant delays in the return of invested
funds. This would diminish the Company's capital resources and would impair its
ability to invest in new loans. See the




                                       13
<PAGE>

discussion above under "Investment in Mortgage Loans Secured by Real Estate
Portfolio." In addition, withdrawals by the Company's members would reduce the
capital the Company has available for investment. Such withdrawals are limited
by the terms of the Company's Operating Agreement to not more than 10% per year
and are subject to other conditions.

The Company does not currently have any interest in any special purpose entities
nor does it have any commitments or obligations which are not reflected on its
balance sheet. The Company does not have any interest in non-exchange traded
derivative contracts.

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

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

Most of the Company's assets consist of investments in mortgage loans. At March
31, 2002, the Company's aggregate investment in mortgage loans was approximately
$98,020,000 with a weighted average effective interest rate of 13.68%. These
mortgage loans have a term of 1.5 months to 5 years. All of the outstanding
mortgage loans at March 31, 2002 were fixed rate loans. All of the mortgage
loans are held for investment purposes; none are held for sale. All of the
mortgage loans do not have prepayment penalties.

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

For the three months ended March 31, 2002, the Company invested an additional
$550,000 in certificates of deposit and other short-term deposit accounts for a
total of $3,000,000. The Company anticipates that at least 3% of its assets will
be held in such accounts as a cash reserve; additional deposits in such accounts
will be made as funds are received by the Company from new investors and
repayment of loans pending the deployment of such funds in new mortgage loans.
The Company believes that these financial assets do not give rise to significant
interest rate risk due to their short term nature.




                                       14
<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 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*

           * Previously filed.

(b)        Reports on Form 8-K

           (i)  Current Report on Form 8-K filed with the Commission on April
                25, 2002, which reports the following items:

                (1) Item 4 -- Changes in Registrant's Certifying Accountant; and

                (2) Item 7 -- Exhibits.

           (ii) Current Report on Form 8-K/A filed with the Commission on April
                29, 2002, which reports the following items:

                (1) Item 4 -- Changes in Registrant's Certifying Accountant; and

                (2) Item 7 -- Exhibits.




                                       15
<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, 2002





                                       16