Falcon Financial Schedules Third Quarter 2004 Earnings Date

STAMFORD, Conn., Oct. 13, 2004 -- Falcon Financial Investment Trust , a specialty finance company focused on the business of originating and servicing loans to automotive dealers, announced today that the Company is scheduled to release third quarter financial results for the period ended September 30, 2004 after the close of market Eastern Time on Thursday, November 11, 2004. An accompanying conference call will be held on Friday, November 12, 2004 at 10:00 a.m. ET.

A live webcast of the conference call will be available online at http://www.falconfinancial.com/. Web participants are encouraged to go to the Web site at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software. Listening to the webcast requires speakers and RealPlayer(TM) software, downloadable free at http://www.real.com/. Those without Web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (877) 692-2086 for domestic callers and (973) 582-2749 for international callers.

After the live webcast, the call will remain available on Falcon Financial's Web site, http://www.falconfinancial.com/, through December 12, 2004. In addition, a telephonic replay of the call will be available from November 12, 2004 - November 26, 2004. The replay dial-in numbers are (877) 519-4471 for domestic callers and (973) 341-3080 for international callers. Please use reservation code 5270680.

About Falcon Financial Investment Trust

Falcon Financial Investment Trust is a fully integrated specialty finance company focused solely on the business of originating and servicing loans to automotive dealers in the United States. The Company was founded in 1997 to address the unique capital needs of the U.S. automobile retailing industry. Falcon Financial provides loans to automobile dealers based on cash flow, collateralized by the dealer's real estate and business assets.

Safe Harbor

This press release contains certain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. The forward-looking statements included in this press release reflect Falcon Financial Investment Trust's current view about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause future events, achievements or results to differ materially from those expressed by the forward-looking statements. Important factors that could cause Falcon Financial Investment Trust's actual results to differ materially from current expectations reflected in the forward-looking statements included in this press release include, among others, the risk factors discussed in its filings with the Securities and Exchange Commission. Falcon Financial Investment Trust does not intend to and disclaims any duty or obligation to update or revise any forward-looking statements included in this press release to reflect new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Falcon Financial Investment Trust's views as of any date subsequent to October 13, 2004.