Exhibit 5 [LETTERHEAD OF BALLARD SPAHR ANDREWS & INGERSOLL, LLP] October 27, 2003 Friedman, Billings, Ramsey & Co., Inc. as Representative of the several Underwriters listed in Schedule I of the Underwriting Agreement 1001 19th Street North Arlington,...Underwriting Agreement • October 28th, 2003 • Rait Investment Trust • Real estate investment trusts
October 22, 2003 FRIEDMAN, BILLINGS, RAMSEY & CO., INC. 1001 19th Street North Arlington, Virginia 22209 as Representative of the several Underwriters listed in Schedule I hereto Dear Sirs: RAIT Investment Trust, a Maryland real estate investment...Underwriting Agreement • October 28th, 2003 • Rait Investment Trust • Real estate investment trusts • New York
