American Residential and American Mortgage Network Secure $150 Million Funding Facility; Addition of U.S. Bank to JPMorgan Chase Facility Increases Line to $110 Million.

Business Editors/Real Estate Writers

SAN DIEGO--(BUSINESS WIRE)--April 8, 2002

American Residential Investment Trust, Inc. (NYSE: INV) and its mortgage banking subsidiary, American Mortgage Network (AmNet), announced today that AmNet has secured a $150 million mortgage loan funding facility with UBS Warburg Real Estate Securities Inc. The Company also announced that U.S. Bank has joined the JPMorgan Chase Bank warehouse line with an additional $35 million. This brings the total capacity of the JPMorgan Chase warehouse line to $110 million from the previously announced $75 million.

"The housing and mortgage industries continue to thrive," said John M. Robbins, Jr., Chief Executive Officer of the Company and AmNet. "The new UBS Warburg facility and the increase in the JPMorgan Chase warehouse line greatly enhance our capacity to fund mortgages. Our goals are to carefully expand AmNet's market presence as well as build the appropriate support and services to meet demand. In the first quarter of this year, AmNet funded $368.9 million in home loans. Closed loan volumes are anticipated to be $500 million per month by year end."

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 Ontario, California; Sacramento, California; San Diego, California; New Haven, Connecticut; Tampa, Florida; Atlanta, Georgia; and Portland, Oregon. Satellite offices are located in Mission Viejo, California and Kirkland, Washington.

About American Residential Investment Trust

Headquartered in San Diego, California, American Residential Investment Trust, Inc. is a real estate investment trust (REIT) that has traditionally invested in subprime residential mortgage assets. For more information on American Residential, please visit www.amerreit.com.

About American Mortgage Network

Headquartered in San Diego, California, 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. For more information on AmNet, please visit www.amnetmortgage.com.

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 ability to fund mortgages and anticipated production volumes. 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.