LOS ANGELES, May 7, 2013 (GLOBE NEWSWIRE) -- Lone Oak Fund, one of the largest bridge lenders in the State of California, today announced that they have retained CohnReznick, the 11th largest accounting, tax and business advisory firm in the country, as their audit services provider going forward. The hiring of CohnReznick signals Lone Oak Fund's ongoing expansion of its investor base and regional operations, along with their requirement for a CPA firm with a national platform.
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"While it is still an economically challenging time for many Southern California businesses, the retention of CohnReznick clearly signals our growth and market penetration throughout California's premiere geographic areas. This is an opportune time for us to take advantage of CohnReznick's larger national presence and specialization in commercial real estate," said Jerry Ducot, Lone Oak Fund's Founder and CEO.
"Thanks to the great efforts of Scott Farb and his CohnReznick audit team, they were able to transition our audit needs seamlessly, and effectively address our Firm's regulatory requirements," said James Rothstein, Lone Oak Fund's Co-Founder and President. "We are confident that their unique skill sets will create the potential for further expanding our Fund's operations throughout the region and beyond."
"We have always admired Lone Oak Fund's talented management team and their excellent reputation in the marketplace," says Scott Farb, West Regional Director of CohnReznick's Commercial Real Estate Industry Practice and Lone Oak Fund's engagement team leader. "We are delighted that they have selected us to be their independent accounting firm."
About Lone Oak Fund
Lone Oak Fund, LLC is a private mortgage lender supported by the financial strength of nearly 600 Members (and growing), including high-net-worth individuals, institutions and pension funds. The Fund makes bridge loans typically ranging from $500,000 to $12,500,000 on commercial and residential properties located throughout Northern and Southern California.
Founded and managed by experienced real estate developers in 2003, Lone Oak Fund has become one of the largest and fastest growing private bridge lenders in California, and was the first private lender to offer revolving credit lines for REO purchases by investors.
With origins dating back to 1919, CohnReznick LLP is currently the 11th largest accounting, tax and advisory firm in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's dynamic business environment demands. The firm was formed out of the combination of J.H. Cohn and Reznick Group in October 2012. CohnReznick serves a large number of diverse industries and offers specialized services for Fortune 1000 companies, owner-managed firms, international enterprises, government agencies, not-for-profit organizations and other key market sectors.
Headquartered in New York, NY, CohnReznick serves its clients with more than 280 partners, 2,000 employees and 25 offices nationwide. The firm is a member of Nexia International, a global network of independent accountancy, tax, and business advisors. For more information, visit www.cohnreznick.com.
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Source: LONE OAK FUND