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Exhibit 31.1 CERTIFICATIONS I, Michael V. Shustek, as the Chief Executive Officer and Director of the Manager of Vestin
Mortgage, Inc., the sole Manager of Vestin Fund III, LLC, certify that:  1.
    I have reviewed this report on Form 10-K of Vestin Fund III, LLC;  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;  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;  4.
    Vestin Fund III, LLCs other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) for Vestin Fund III, LLC and have:  (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;  (b)
    Paragraph omitted pursuant to SEC Release Nos 33-82377 and 34-47986;  (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  (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  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):  (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  (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. Date: March 30, 2005 /s/ Michael V. Shustek
Michael V. Shustek
Chief Executive Officer and Director of the Manager*
Vestin Mortgage, Inc., sole
Manager of Vestin Fund III, LLC
* Michael V. Shustek functions as the equivalent of the Chief Executive Officer of the Registrant.