How to Finance a Cousins Maine Lobster Franchise: Trucks to Shops
By Marc Cornella
A Cousins Maine Lobster franchise loan usually funds one of two very different businesses: a branded lobster food truck that serves a large market area, or a small-footprint restaurant in a storefront, in-line space or food hall. The brand publishes separate investment ranges for each, along with liquidity and net worth minimums, so buyers can start building a financing plan before they ever see the disclosure document.
This article covers each format’s published costs, how the truck-versus-restaurant choice changes the loan structure, why SBA lending is not the main route today and what lenders look for.
US Professional Funding is not affiliated with, sponsored by or endorsed by Cousins Maine Lobster; the name is used only to describe the business. Figures from the franchisor’s website and disclosure document can change, loan programs and terms vary by lender and borrower, and every loan is subject to approval. Nothing here is legal, tax or investment advice, and buyers should review the current Franchise Disclosure Document (FDD) and franchise agreement with a qualified franchise attorney and accountant.
Cousins Maine Lobster Franchise Loan at a Glance
- Founded: 2012 by cousins Jim Tselikis and Sabin Lomac, who launched their first food truck that April, according to the company.
- Headquarters: Glendale, California.
- Formats: food trucks and restaurants, including storefronts, standalones, in-lines and food halls.
- Food truck investment: $194,000 to $644,700, according to the franchisor’s franchising page.
- Restaurant investment: $266,700 to $968,900.
- Financial requirements: minimum liquidity of $250,000 and minimum net worth of $500,000.
- Territories: large truck territories, typically an entire metro area or multi-county market; smaller restaurant territories.
- Franchise fee, royalty and marketing fund: not published on the franchising page; see Items 5 and 6 of the current FDD.
- SBA Franchise Directory: not listed, so conventional and equipment financing are the primary routes for most buyers.
What Is Cousins Maine Lobster?
Cousins Maine Lobster began in 2012, when cousins Jim Tselikis and Sabin Lomac, who grew up in Portland, Maine, launched a lobster food truck in Los Angeles. The company credits its family’s Maine lobster traditions for the concept. The founders later gained national exposure on a televised investor pitch show and took on an investor, and the brand grew into a franchise system built around trucks before adding brick-and-mortar restaurants.
The concept is built around Maine lobster served through a fast, limited-menu model. The company describes the brand as “nationally known and locally owned,” and its press materials list truck operations in more than 40 markets across 23 states and Washington, DC, plus five restaurants.
Two formats, two businesses. The truck format is a mobile catering and event business that moves around a large territory. The restaurant format is a fixed-site business ranging from about 200 square feet in a food hall to 1,500 square feet or more in a standalone or storefront space. The franchisor says restaurant buildouts use a “store-in-a-box” model managed by its construction group.
Why lenders view the brand the way they do. Lenders see a recognizable brand with a premium product. They also see a protein cost that moves with seafood markets, a truck format whose main asset is a specialized vehicle and a restaurant format that is younger within the system.
Cousins Maine Lobster Franchise Costs
The franchisor publishes total investment ranges for each format but not the franchise fee or individual Item 7 line items, so this section explains the categories to review in the FDD.
Initial franchise fee. Item 5 of the FDD lists the initial fee and any multi-unit or development fees. Because truck territories can cover an entire metro area and the franchisor encourages growth within them, ask whether a development agreement for several trucks carries a different fee schedule and when each payment is due.
The food truck. The franchisor says trucks may be purchased or leased from an approved supplier of the franchisee’s choice and must be built to brand standards. The truck is usually the single largest line item for a truck franchise and the asset lenders and equipment finance companies focus on first.
Restaurant build-out. Leasehold improvements, ventilation, millwork and signage drive the budget, and the size range from food hall stall to standalone space explains much of the width of the restaurant range.
Equipment and technology. Franchisees must buy food, beverage, equipment and technology from designated suppliers, according to the franchising page.
Opening costs and working capital. Training, travel, opening inventory, initial marketing, insurance, permits and early payroll all belong in the plan. Mobile food permits and commissary arrangements vary by city and county.
Total investment. The franchisor’s published ranges are:
- Food truck: $194,000 to $644,700
- Restaurant: $266,700 to $968,900
Item 7 totals typically cover the franchise fee, the truck or build-out, equipment, opening inventory, pre-opening expenses and additional funds for an initial operating period. Read the full Item 7 table in the current FDD for each line item’s range and assumptions, and confirm which format and how many units a given range describes.
Ongoing Fees and How They Affect Your Loan
The franchising page does not publish the royalty or marketing fund rate, so treat Item 6 of the FDD as the source for every recurring fee.
Royalty and brand fund. Both are typically calculated on gross sales. Lenders deduct them before measuring cash available for debt service, so they matter as much to loan size as the purchase price does.
Technology and supplier costs. Required technology and designated supplier pricing are recurring costs. Because lobster is the core ingredient, food cost can move more than at a typical quick-service concept.
Truck operating costs. Fuel, maintenance, commissary fees, event fees and vehicle insurance replace the rent a restaurant would pay.
How lenders factor these costs in. When sizing a Cousins Maine Lobster franchise loan, lenders subtract food, labor, royalty, marketing, technology and occupancy or vehicle costs from projected sales, then compare what remains with the proposed payment.
Franchisor Requirements for New Owners
- Liquidity: a minimum of $250,000, according to the franchising page.
- Net worth: a minimum of $500,000.
- Food truck experience: restaurant experience is favorable but not required.
- Restaurant experience: food and beverage experience is required, or the franchisee must identify a general manager who has it.
- Profile: the franchisor describes its ideal candidate as an experienced business person who knows how to run and grow a business.
The approval process. The franchisor outlines a 12-step process from application through grand opening, including delivery of the FDD, a Discovery Day in Los Angeles and training in Maine and Los Angeles.
Ways to Own a Cousins Maine Lobster
A new food truck territory. The franchisor says truck territories are large, typically an entire metropolitan statistical area or a multi-county market, to encourage multi-unit growth. A new territory is a start-up, so lenders underwrite it on the buyer’s projections, experience and liquidity rather than on historical results. Our franchise start-up financing page explains how these deals are structured.
A new restaurant. Restaurant territories are smaller, and the franchisor says it may place restaurants within a 10- or 20-mile radius of existing units when it is confident sales will not be affected. Restaurant financing looks more like a traditional quick-service build-out loan, with the lease and build-out budget at the center.
Buying an existing truck or restaurant. Existing units change hands with franchisor approval. A buyer can show a lender actual sales and expenses, the condition and mileage of the truck and the remaining franchise term. Our article on buying a franchise resale covers transfer approval, training and timing.
Financing Options for a Cousins Maine Lobster Franchise
Conventional term loans. Because the brand is not on the SBA Franchise Directory, a conventional business loan is the primary tool for many buyers. Lenders size the loan to projected or historical cash flow and secure it with business assets and personal guarantees. Terms vary by lender, and every request is subject to underwriting.
Equipment and vehicle financing. The truck is a titled vehicle with a specialized kitchen built in, which makes it a natural fit for equipment or vehicle financing. The franchisor also allows leasing from an approved supplier. Compare a lease with a purchase loan on total cost and end-of-term options. See restaurant equipment financing and leasing for refrigeration, cooking equipment and point-of-sale systems in either format.
Build-out financing for restaurants. A restaurant buyer needs funding for leasehold improvements, signage and fixtures before the doors open. Read about restaurant build-out financing for how lenders draw and disburse construction-phase funds.
Working capital and lines of credit. Truck sales can swing with weather, event calendars and seasons, and lobster pricing can change quickly. A line of credit can cover inventory, payroll and repairs between strong weeks. Explore our restaurant working capital options.
SBA 7(a) and SBA 504 loans. Both programs are widely used for franchises, but SBA lenders generally need the brand on the SBA Franchise Directory. See the SBA section below.
Franchisor financing. Item 10 of the FDD discloses whether the franchisor or an affiliate offers financing. If it does not, buyers arrange their own. Our comparison of franchisor financing versus outside loans explains how to weigh them.
Seller financing on resales. When an existing truck or restaurant is sold, part of the price may be carried by the seller. A seller note is typically subordinate to the senior loan and must be acceptable to that lender.
SBA Loans for Cousins Maine Lobster Franchisees
SBA lending for franchises runs through the SBA Franchise Directory, a list of brands whose franchise agreements have been reviewed for SBA eligibility. SBA lenders generally require a brand to appear on the directory before they can make an SBA-guaranteed loan to one of its franchisees.
Cousins Maine Lobster is not on the SBA Franchise Directory. In plain English, that means SBA 7(a) and SBA 504 loans are generally not available for this franchise as things stand. It is not a judgment about the brand. It means the franchise agreement has not been added to the directory, and buyers should plan on conventional, equipment and vehicle financing instead.
Watch for changes. Directory status can change, so confirm it with your lender when you apply. If the brand were added, the SBA 7(a) program maximum is currently $5 million, though program rules can change. Until then, a Cousins Maine Lobster franchise loan is usually built from conventional and equipment financing.
How Lenders Evaluate a Cousins Maine Lobster Deal
Personal credit and financial history. Lenders review credit, tax returns and a personal financial statement and typically require personal guarantees.
Net worth and liquidity. The franchisor’s $250,000 liquidity and $500,000 net worth minimums set the floor. Lenders also look at what remains after the down payment, closing costs and opening expenses. Our article on how much franchise you can afford walks through that math.
Industry and management experience. Restaurant, catering or event experience strengthens a truck application.
Business plan and projections. A truck plan should map the neighborhoods, office parks, festivals and catering accounts the truck will serve and what happens in the slow season. A restaurant plan should rest on the site’s foot traffic and format.
The FDD and franchise agreement. Lenders read the fee schedule, the term, renewal and transfer conditions, supplier requirements and territory rights. Our article on how lenders read a Franchise Disclosure Document explains which items carry the most weight.
The vehicle, site or lease. For trucks, lenders review the build specification, supplier quote, title and insurance. For restaurants, they review the lease term, any landlord allowance and the build-out budget.
Historical financials for resales. Expect to provide several years of sales reports, profit and loss statements and tax returns, plus truck maintenance records.
The Truck Itself: Equipment Deep Dive
A Cousins Maine Lobster truck is a commercial kitchen on wheels: a chassis, a custom body, refrigeration for lobster, cooking equipment, a generator, water tanks, fire suppression, point-of-sale hardware and the brand’s wrap.
Why it matters for the loan. The truck holds value as collateral in a way that leasehold improvements do not, but it also wears faster than a building. Lenders will ask about maintenance plans and how the business keeps operating if the truck is out of service.
Multi-Unit Growth and Development Agreements
The franchisor sets truck territories large on purpose, to encourage multi-unit growth. A territory that supports one truck at launch may support several as catering and event demand builds, and a restaurant can anchor a market alongside its trucks.
Financing the second and third unit. Once the first unit has a track record, lenders can underwrite its cash flow along with the new unit’s projections, and each added truck can often be financed as its own equipment loan. Our article on multi-unit franchise financing explains how lenders handle development schedules.
Real-World Scenarios
A first-time owner with one truck. A corporate manager with no restaurant background buys a truck territory, leases the truck from an approved supplier, finances the remaining start-up costs with a conventional term loan and keeps a working capital line for slower months.
A restaurant operator adding a food hall unit. An owner with prior food and beverage experience signs for a small food hall location. The lender focuses on the food hall lease, the build-out budget and the operator’s track record, and the equipment package is financed separately.
A territory owner adding a second truck. An existing franchisee with a year of strong catering bookings adds a second truck. The lender underwrites the first truck’s results, and the new truck is financed with an equipment loan secured by the vehicle.
Common Mistakes to Avoid
- Assuming an SBA loan is available for a brand that is not on the SBA Franchise Directory
- Comparing the truck and restaurant formats on total investment alone instead of on cash flow and collateral
- Underbudgeting for permits, commissary fees, insurance and truck maintenance
- Projecting flat food costs for a menu built on lobster
- Treating the franchisor’s liquidity minimum as the only cash you will need
- Leasing a truck without comparing total cost and end-of-term terms with a purchase
- Signing a multi-truck development schedule before the first truck proves the market
For more pitfalls that apply across the food business, read the restaurant loan mistakes that cost owners the most.
Next Steps to Finance Your Cousins Maine Lobster Franchise
Step 1: Choose a format. Decide whether a truck territory or a restaurant fits your experience, market and capital.
Step 2: Confirm you meet the requirements. Document at least $250,000 in liquidity and $500,000 in net worth, and line up a general manager if you plan a restaurant without food and beverage experience.
Step 3: Review the FDD with advisors. Study Items 5, 6, 7, 10, 12 and 17 and the franchise agreement with a franchise attorney and accountant.
Step 4: Talk with a financing specialist early. Learn how conventional, equipment and vehicle financing fit your plan. Our conventional loan calculator can help with early payment estimates, which are for planning only and are not an offer or approval.
Step 5: Build your plan and projections. Map the territory or site, price the truck or build-out and model food, labor, fees and seasonality.
Step 6: Apply, close and launch. Submit the loan request with your financial statement, tax returns, projections and franchise documents, align the lender’s timeline with the franchisor’s process and keep working capital in reserve for opening.
Cousins Maine Lobster Franchise Loan FAQs
How much does a Cousins Maine Lobster franchise cost?
According to the franchisor’s franchising page, the initial investment for a food truck ranges from $194,000 to $644,700, and for a restaurant from $266,700 to $968,900. The current FDD breaks those totals into line items.
What is the Cousins Maine Lobster franchise fee?
The franchising page does not publish the fee. Item 5 of the current FDD lists the initial franchise fee and any development fees.
What royalty does Cousins Maine Lobster charge?
The royalty and marketing fund contributions are disclosed in Item 6 of the FDD rather than on the franchising page. Lenders deduct them when they calculate cash flow available for debt service.
How much liquid capital do I need?
The franchisor lists a minimum liquidity of $250,000 and a minimum net worth of $500,000.
Can I get an SBA loan for a Cousins Maine Lobster franchise?
The brand is not on the SBA Franchise Directory, and SBA lenders generally require a listing, so SBA financing is generally not the practical route right now. Confirm current status with your lender.
Can I finance the food truck separately?
Yes, in many cases. The truck is a titled vehicle with built-in equipment, so it can often be financed with an equipment or vehicle loan, and the franchisor allows trucks to be purchased or leased from an approved supplier.
Do I need restaurant experience?
Not for a truck. The franchisor says restaurant experience is favorable but not required. For a restaurant, food and beverage experience is required, or you must identify a general manager who has it.
Can I buy an existing Cousins Maine Lobster truck?
Existing units can be sold with franchisor approval, and lenders can underwrite the actual sales history.
Does Cousins Maine Lobster offer financing?
Check Item 10 of the current FDD, which discloses any financing offered by the franchisor or its affiliates. Trucks may be leased from an approved supplier.
Final Thoughts
A Cousins Maine Lobster franchise loan starts with the format decision. A truck loan rests on a specialized vehicle and a large territory, while a restaurant loan rests on a lease and a build-out. Buyers who meet the liquidity and net worth minimums, read the FDD closely and plan for food cost swings and slow seasons give themselves the strongest footing with lenders.
US Professional Funding helps franchise owners and buyers finance start-ups, acquisitions, equipment and working capital for established brands. Learn more about our franchise financing and restaurant financing solutions.
