Falcon Financial Investment Trust (FLCN) S-11/A Registration of securities for real estate companies (amended)

QuickLinks -- Click here to rapidly navigate through this document

Exhibit 23.2

Independent Auditors' Consent

To the Board of Trustees
Falcon Financial Investment Trust:

We consent to the use of our report included herein and to the reference to our firm under the heading "Experts" in the prospectus.

/s/  KPMG LLP      

New York, New York
November 21, 2003

QuickLinks

Exhibit 23.2