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LAS VEGAS, CA-Vestin Group Inc., an asset manager and commercial mortgage lender, reported earnings and revenue both climbed substantially in the third quarter ended Sept. 30.

Net income for the third quarter of 2002 grew to approximately $2.2 million, or 36 cents per diluted share, compared with $234,000, or 23 cents per share in the third quarter of 2001, while revenues increased to $8.8 million from $4.9 million.

Mike Shustek, Vestin Group chairman and CEO, attributed the growth in part to a brisk business in requests for loans and the relative strength of the real estate market in today’s economy.

Vestin generally provides short-term loans of $1 million to $5 million, but the company also does some larger deals and some longer terms. The company’s subsidiary, Vestin Mortgage, has facilitated more that $1.1 billion in loans during the last five years. Through Vestin Mortgage, the company manages two funds, Vestin Fund I LLC, a $100 million mortgage fund and Vestin Fund II LLC, a $500 million mortgage fund.

Vestin shares stood at $7.20 in mid-morning trading Wednesday, down 4 cents for the day and below the company’s 52-week high of $9.75, achieved in May.

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