BRD Land & Investment entered chapter 11 on February 24, 2026 without a filed exit transaction or proposed DIP facility. The Charlotte-based land entitlements and permitting company filed with two affiliated project entities after lender pressure intensified around its South Carolina and North Carolina land portfolio, and later reporting tied the filing to a roughly $390 million pipeline shortfall. The opening dispute is whether the debtors can use cash collateral while they preserve project value and address creditor demands.
The central early dispute is cash collateral. BRD did not seek debtor-in-possession financing. Instead, it asked for authority to use lender cash collateral while arguing that its senior lender remains protected by a substantial equity cushion. DLP Lending Fund LLC and its affiliate DLP Capital Lending CH LLC answered with a limited objection that challenged valuation support, disputed the debtors' right to use certain funds, and pushed for tighter reporting and a continued interim hearing. The court has now entered an interim cash collateral order through April 30, 2026, but it preserved the core lien and cash-ownership disputes for later litigation.
The March 5 interim cash collateral order is the key early ruling. BRD's original cash collateral motion said the DLP payoff was roughly $20 million against more than $35 million of appraised collateral value, producing an equity cushion above $15 million. The debtors proposed replacement liens, future adequate-protection payments from asset sales, and a budget through April 30 with a 10% cumulative variance. DLP's limited objection answered that the motion lacked valuation support, gave no cash adequate-protection payments, and disputed whether the debtors controlled all of the funds they wanted to spend. At the March 2 hearing, later reflected in the hearing transcript, debtors' counsel told the court that access to cash collateral was "truly paramount" and agreed to DLP's weekly reporting framework while reserving all rights on lien validity.
The March 5 interim order authorizes cash use through April 30, requires weekly reports to DLP and the Bankruptcy Administrator within three business days after each week-end, and sets a second interim hearing for April 8 at 9:30 a.m. Eastern. The order permits interim operations but does not resolve who owns the disputed cash flows or whether DLP's broader lien package will survive later litigation.
External coverage has framed the filing as a product of both lender pressure and a weakening land-sales environment. Stretto's March 2 filing report said the case followed a decline in first-time home purchases, lender collection pressure, and a projected pipeline shortfall of roughly $390 million. The filing record does not yet offer a text-searchable first-day declaration to test those points line by line, because the Barbee affidavit remains a scanned image. The court record does independently confirm the liquidity squeeze, property-tax burden, workforce reductions, and DLP default history.
Warden Station Is the Main Project in the Record
Warden Station is the main project described in the case record. Local coverage before the filing described the Conway, South Carolina project as a 1,763-acre development with 3,318 planned units across 19 phases, including 1,380 single-family homes, 1,018 townhomes, and 920 multifamily units. BRD's project site says the community also includes commercial acreage, while VanSant Realty's project summary and Yahoo's January 2024 report both tie the acquisition to February 2024 for approximately $17.6 million. In the bankruptcy record, the joint administration motion and cash collateral motion identify BRDL Warden Station LLC as the project-specific debtor that holds the Conway real estate.
Public approvals for Warden Station predated the filing. MyHorryNews reported that the Conway planning commission recommended approval in September 2023. WPDE then reported that the city council approved annexation in January 2024, including enhancement fees and a transportation contribution, and later said a September 2024 amendment clarified tree-preservation terms as the project stayed in pre-construction site work. The construction schedule summary points to a 25-year buildout, indicating a long-duration development timeline rather than near-term inventory turnover.
DLP is the main prepetition lender and the cash collateral objector. The cash collateral motion and DLP objection describe three DLP loans with original principal totaling $22.447 million: a $5.379 million Old Town/Leland loan, a $2.58 million Clark/Vance loan, and a $14.488 million Warden Station loan. The filing record says the Warden Station and Clark/Vance mortgages were assigned to DLP Capital Lending CH LLC, while DLP Lending Fund LLC remained central to the broader collateral narrative and objection strategy.
The Warden Station loan history provides the most detailed distress timeline in the case. DLP's objection says the note originated on February 29, 2024, matured originally on March 1, 2025, and then moved through multiple extensions. The same filing says Ashton Woods failed to close on a Warden Station purchase, filed litigation to recover its deposit, and helped trigger the first amendment. The Ashton Woods press release describes the builder as operating both the Ashton Woods Homes and Starlight Homes brands, while SC Biz News reported that Starlight had six active coastal South Carolina communities by October 2025.
By petition date, the Warden Station note alone still had more than $10.8 million due, according to DLP's objection. The same objection says DLP had extracted additional principal in December 2025 and January 2026, described the loan as being in maturity default, and asserted rights over "Lender Retained Funds" that the debtors should not be free to spend. BRD's cash collateral motion counters that even if DLP's liens are valid, the value cushion remains large enough to protect the lender during an interim period. The March 5 interim order did not choose between those positions. It simply assumed the secured parties held arguable interests for interim purposes and left the merits for later.
DLP's public materials describe a lending platform focused on residential development credit. DLP Capital said in February 2026 that it had surpassed $2 billion in capital under management, and the DLP Lending Fund page says the platform focuses on first-position senior secured bridge loans to residential developers. DLP's own Q3 2025 market update described flat-to-negative rent growth and weakening job creation. The objection's focus on retained funds, reporting, and lien scope tracks that lending model.
Below DLP, the cash collateral motion says more than 100 note investors may claim interests in business assets, with 21 purporting to be secured, though the debtors said no noteholder had filed a UCC financing statement as of the petition date. The same filing says Shumaker, Loop & Kendrick and Harvey & Vallini each hold blanket-liens securing professional-fee claims but consented to cash collateral use. The filing record therefore identifies one senior lender, a lower-tier investor base with disputed secured status, and professionals holding consensual blanket liens for fees.
The Operating Record Shows Cost Control
The first-day motions show a narrow cash position and tighter operating controls. The cash management motion says the debtors had only two Wells Fargo accounts as of February 23, 2026. BRD's main operating account held $1,424,776.58, while the Warden Station entity's account held $231.65. The bank accounts order let the debtors keep those accounts in place but required William A. Barbee, identified in the filings as the chief restructuring officer, to serve as co-signor on transfers above $10,000.
The wages motion also shows contraction. BRD said it employed six people at filing, down from ten before February 20, with a further cut to two employees scheduled by March 13. The same motion put actual payroll for the period ending February 20 at $67,792.62, estimated payroll for the next period at $47,654.97, and projected post-reduction weekly payroll at roughly $17,944.84. The March 5 payroll order granted the requested relief, and the payroll figures show the debtors reducing overhead during the first weeks of the case.
The tax motion put prepetition property taxes at $413,095.42 across Horry and Orangeburg Counties. The utilities motion put average monthly utility and service expense at about $19,458, including software, IT, and project-management tools. The March 5 utilities order gave the debtors interim adequate-assurance relief, with structured objection procedures and a cap of $1,000 for incremental assurance without further court order.
The professional roster also filled in quickly. Rayburn Cooper & Durham appears on the first-day papers as debtors' bankruptcy counsel, and its firm description emphasizes business-debtor and creditor work in North Carolina restructurings. The court's Verita retention order approved the claims-and-noticing agent as of the petition date and let it operate without separate fee applications. Akerman's Esther McKean was admitted for DLP under a March 4 pro hac vice order. The appearance docket also includes Wilmington River Club, Maurice Johnson, and 181 Real Estate Holdings.
The Next Deadlines Are April 1 and April 8
The near-term calendar is straightforward. The joint administration order puts the three cases under the BRD lead docket for procedural purposes only. The schedules extension order moves the schedules, SOFA, and related missing statements to April 1. The chapter 11 notice sets the 341 meeting for April 8 at 1:00 p.m. by Zoom and fixes July 7 as the proof-of-claim deadline. The interim cash collateral order puts the second interim hearing on April 8 at 9:30 a.m. Eastern, only hours before the creditors' meeting.
By April 1, the record should include fuller schedules and statements, which may clarify the unsecured-creditor body, any intercompany balances, and the depth of non-DLP obligations. By April 8, the court will revisit the interim cash framework with another month of reporting, and creditors will have their first formal opportunity to question the debtors at the 341 meeting.
BRD filed chapter 11 on February 24, 2026, and the related cases are now jointly administered under the lead BRD docket.
How many debtors are in the BRD bankruptcy?
There are three debtors: BRD Land & Investment, BRDL Warden Station Holding Co LLC, and BRDL Warden Station LLC, as reflected in the joint administration order.
Why is cash collateral the main fight in the case?
BRD did not seek DIP financing. It instead asked to use existing cash under the cash collateral motion, while DLP argued in its limited objection that the debtors had not justified that use with enough valuation support or adequate protection.
Who is DLP in the BRD case?
DLP is BRD's main prepetition lender. The filings describe three DLP loans totaling $22.447 million in original principal, and DLP says its lending platform focuses on first-position senior secured bridge loans for residential developers.
Does BRD have debtor-in-possession financing?
No. The debtors sought only interim use of existing cash collateral in the first-day financing motion, and the court approved interim use through April 30 in the March 5 order.
When are the next important deadlines in the case?
The schedules deadline is April 1, 2026. The second interim cash collateral hearing is April 8, 2026 at 9:30 a.m. Eastern, and the 341 meeting and proof-of-claim deadline are April 8, 2026 and July 7, 2026, respectively.
Who is the claims agent for BRD Land & Investment?
Verita Global is serving as claims, noticing, and ballot agent under the retention order.
bank accounts order /documents/6112d9b2-1dcb-4009-b361-d74fa7ac82ac/
payroll order /documents/c16649e4-9ee6-4aba-8120-6f293f700d69/
utilities order /documents/bf3d52e1-b4f9-47ec-a2b8-2cb2046acbe2/
Verita retention order /documents/7e12d4b4-e2cf-4d00-a00b-eebec53d3247/
March 4 pro hac vice order /documents/ed6bbee8-14ad-476d-98f0-ff6c11d24e37/
joint administration order /documents/221c3613-55bf-4107-aa34-3b0aace73f61/
land entitlements and permitting company https://www.brdland.com/
roughly $390 million pipeline shortfall https://chapter11cases.com/blogs/news/charlotte-based-land-developer-brd-land-investment-files-chapter-11-amid-housing-market-downturn-and-lender-pressure
1,763-acre development https://www.vansantrealtygroup.com/blog/warden-station-in-conway
3,318 planned units across 19 phases https://www.conwaywardenstation.com/
January 2024 report https://www.yahoo.com/news/huge-3-300-home-project-150248869.html
recommended approval in September 2023 https://www.myhorrynews.com/news/conway-planning-commission-paves-way-for-warden-station-project/article_ab0e7464-4e4d-11ee-8c04-4f2be460e5fa.html
approved annexation in January 2024 https://wpde.com/newsletter-daily/conway-city-council-approves-land-annexation-new-home-construction-highway-701-pitch-landing-road-kinlaw-lane-horry-county-south-carolina
September 2024 amendment https://wpde.com/news/local/conway-city-update-warden-station-project-environment-planning-construction-building-development-public-residents-project-residential-units-stormwater-tree-preservation
construction schedule summary https://www.vansantrealtygroup.com/blog/warden-station-construction-schedule
ranked third nationally for population growth in 2024 https://www.dew.sc.gov/labor-market-information-blog/2025-05/2024-population-estimates-migration-drives-rapid-growth-south
added nearly 42,000 homes in 2024 https://www.postandcourier.com/business/real_estate/sc-homes-for-sale-buyer-charleston-jasper-county/article_cd48d51c-9ea1-4de7-a2d1-8902b1f9c4a2.html
building permits fell to 7,331 in 2024 https://wpde.com/newsletter-daily/myrtle-beach-real-estate-market-stabilizes-amid-changing-conditions
home value growth turned negative in 2025 https://reventureapp.blog/myrtle-beach-sc-home-value-growth-yoy-analysis-2025/
median sales price fell 10.8% year over year https://www.myhorrynews.com/news/myrtle-beach-housing-market-shows-signs-of-becoming-more-affordable/article_afbc3dfa-e74c-4a64-b876-c0ffb84d1f5c.html
This article was researched and written with AI assistance, using court filings, public records, and news sources. AI-generated content can contain errors. Verify all information against primary sources before relying on it. This is not legal or financial advice. See the disclaimer.