EXHIBIT 15.1

RAIT Investment Trust
1818 Market Street
Philadelphia, Pennsylvania 19103

We have reviewed, in accordance with standards established by the American
Institute of Certified Public Accountants, the unaudited interim consolidated
financial information of RAIT Investment Trust and subsidiaries for the periods
ended September 30, 2003 and 2002 as indicated in our report dated October 20,
2003; because we did not perform an audit, we expressed no opinion on that
information.

We are aware that our report referred to above, which is included in your
Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 is
incorporated by reference in the Registration Statements on Form S-3 (File No.
333-103618, effective on March 14, 2003; File No. 333-69366, effective on
October 18, 2001; and File No. 333-78519, effective May 14, 1999) and Form S-8
(File No. 333-109158, effective on September 26, 2003; File No. 333-100766,
effective on October 25, 2002; and File No. 333-67452, effective on August 14,
2001).

We are also aware that the aforementioned report, pursuant to Rule 436(c) under
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 Sections 7 and 11 of that Act.

/s/ GRANT THORNTON LLP

Philadelphia, Pennsylvania
November 12, 2003

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