Exhibit 15.1


Securities and Exchange Commission

Washington, D.C. 20549

We have made a review of the consolidated financial statements of RAIT
Investment Trust and subsidiaries as of September 30, 2002 and for the
three-month and nine-month periods ended September 30, 2002 and 2001, in
accordance with standards established by the American Institute of Certified
Public Accountants, and issued our report thereon dated November 14, 2002. We
are aware that such financial statements and our above-mentioned report
appearing in the Form 10-Q of RAIT Investment Trust for the quarters ended
September 30, 2002 and 2001 are being incorporated by reference in the
Registration Statements on Forms S-3 (File No. 333-69422, effective on October
31, 2001; File No. 333-69366, effective on September 13, 2001; and File No.
333-78519, effective May 14, 1999) and Forms S-8 (File No. 333-67452, effective
on August 14, 2001 and File No. 333-100766, effective on October 25, 2002) and
that such report pursuant to Rule 436(c) of the Securities Act of 1933 is not
considered a part of a registration statement prepared or certified by an
accountant or a report prepared or certified by an accountant within the meaning
of Paragraphs 7 and 11 of that Act.

/s/ GRANT THORNTON LLP


Philadelphia, Pennsylvania
November 14, 2002

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