EXHIBIT 15.1

RAIT Investment Trust
1818 Market Street
Philadelphia, Pennsylvania 19103

We have reviewed, in accordance with standards established by the Public Company
Accounting Oversight Board (United States), the unaudited interim consolidated
financial information of RAIT Investment Trust and subsidiaries for the three-
and six-month periods ended June 30, 2005 and 2004 as indicated in our report
dated August 3, 2005; 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 six months ended June 30, 2005 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. 333-125480, effective on June 3, 2005; 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
August 3, 2005