The turmoil in the nation's credit markets is having an impact on Maui Land & Pineapple Co.'s plans to build high-end homes in Kapalua.

In a filing with the Securities and Exchange Commission yesterday, Maui Pine said its chief lender Lehman Brothers Holding Inc. failed to release $35.6 million in financing that was due last month.

Lehman, which is financing most of construction for the West Maui project, filed for bankruptcy protection on Sept. 15 due to mounting losses from the subprime mortgage market.

Shares of Maui Pine slipped 51 cents to $26.25 on the New York Stock Exchange yesterday.