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**Exhibit        31.1**

**CERTIFICATIONS**

| 2. | Based                  on my knowledge, this report does not contain any untrue statement                  of a                  material fact or omit to state a material fact necessary to make                  the                  statements made, in light of the circumstances under which such                  statements                  were made, not misleading with respect to the period covered by                  this                  report; |
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| 3. | Based                  on my knowledge, the financial statements, and other financial                  information                  included in this report, fairly present in all material respects                  the                  financial condition, results of operations and cash flows of Vestin                  Fund                  III, LLC as of, and for, the periods presented in this                  report; |
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| 4. | Vestin                  Fund III, LLC’s other certifying officers and I are responsible for                  establishing and maintaining disclosure controls and procedures                  (as                  defined in Securities Exchange Act Rules 13a-15(e) and 15d-15(e)                  for                  Vestin Fund III, LLC and have: |
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|   | (a) | Designed                  such disclosure controls and procedures, or caused such disclosure                  controls and procedures to be designed under our supervision, to                  ensure                  that material information relating to Vestin Fund III, LLC, including                  its                  consolidated subsidiaries, is made known to us by others within                  those                  entities, particularly during the period in which this report is                  being                  prepared; |
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|   | (b) | Designed                  such internal control over financial reporting, or caused such                  internal                  control over financial reporting to be designed under our supervision,                  to                  provide reasonable assurance regarding the reliability of financial                  reporting and the preparation of financial statements for external                  purposes in accordance with generally accepted accounting                  principles; |
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|   | (c) | Evaluated                  the effectiveness of Vestin Fund III, LLC’s disclosure controls and                  procedures and presented in this report our conclusions about the                  effectiveness of the disclosure controls and procedures, as of                  the end of                  the period covered by this report based on such evaluation;                  and |
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|   | (d) | Disclosed                  in this report any changes in Vestin Fund III, LLC’s internal control over                  financial reporting that occurred during Vestin Fund III, LLC’s most                  recent fiscal quarter that has materially affected or is reasonably                  likely                  to materially affect Vestin Fund III, LLC’s internal control over                  financial reporting; and |
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| 5. | Vestin                  Fund III, LLC’s other certifying officer and I have disclosed, based on                  our most recent evaluation of internal control over financial reporting,                  to Vestin Fund III, LLC’s auditors and the audit committee of Vestin Fund                  III, LLC’s board of directors (or persons performing the equivalent                  function): |
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|   | (a) | All                  significant deficiencies and material weaknesses in the design                  or                  operation of internal controls over financial reporting which are                  reasonably likely to adversely affect Vestin Fund III, LLC’s ability to                  record, process, summarize and report financial information;                  and |
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|   | (b) | Any                  fraud, whether or not material, that involves management or other                  employees who have a significant role in Vestin Fund III, LLC’s internal                  control over financial reporting. |
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*/s/        Michael V. Shustek*