American Residential and American Mortgage Network Secure $75 Million JPMorgan Chase Bank Warehouse Line

Business Wire, Dec 19, 2001

Business Editors

DEL MAR, Calif.--(BUSINESS WIRE)--Dec. 19, 2001

American Residential Investment Trust, Inc. (NYSE: INV) and its mortgage banking subsidiary, American Mortgage Network (AmNet), announced today that it has secured a $75 million senior secured revolving warehouse line funded by JPMorgan Chase Bank. The one-year agreement contains provisions for JPMorgan Chase to increase the warehouse line through relationships with additional leading financial institutions at the Company's request. American Residential anticipates that the current warehouse facility will increase significantly in 2002. JPMorgan Chase has the option to decrease its individual lending obligation after six months, as the warehouse facility expands.

"Building a relationship with JPMorgan Chase as a lender and as the agent for a warehouse syndicate gives us the capability to handle the increased marketplace demand for refinances as well as first-time purchases," said John M. Robbins, Jr., Chief Executive Officer of American Residential Investment Trust. "Despite a tough economic environment, home sales are strong due to historically low interest rates. This credit facility increases our ability to fund mortgage loans. At the same time, we can allocate internal capital to rapidly expand infrastructure and strengthen the market presence of American Mortgage Network."

American Mortgage Network began originating mortgages in November 2001 through the wholesale channel and exclusively serves the mortgage broker community nationwide. Regional sales and underwriting centers are located in Roseville (Sacramento), California and Lake Oswego (Portland), Oregon. Centers in New Haven, Connecticut and Atlanta, Georgia are scheduled to open by January 2002. Another eight regional centers are planned to open by the end of 2002.

About American Residential Investment Trust

American Residential Investment Trust, Inc. is a real estate investment trust (REIT) that has traditionally invested in non-conforming, residential mortgage assets. For more information on American Residential, please visit the Company's web site at www.amerreit.com.

About American Mortgage Network

American Mortgage Network (AmNet) is a taxable REIT subsidiary of American Residential Investment Trust, Inc. AmNet originates loans for the national mortgage broker community through its network of regional centers.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding the Company's plans to increase warehouse borrowing capacity, its ability to meet loan funding demands, expanding AmNet's loan production capabilities and the Company's schedule for opening new regional sales and underwriting centers. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to, the availability of financing for the origination; acquisition or securitization of mortgage assets; lack of Company experience in opening regional offices and generating mortgage loans; general economic conditions; mortgage loan prepayment rates; credit losses; overall interest rates; the shape of the yield curve; the availability of suitable mortgage assets; the impact of leverage; the Company's liquidity position; and other risk factors outlined in American Residential Investment Trust's SEC reports.