Valley Bank has filed a $3.8 million lawsuit against a father-and-son development team and its business partners in an Ankeny residential development.

The suit seeks to foreclose on 40 properties being developed at North Prairie Bend in northeast Ankeny by Daniel Stanbrough; his son, Bradley; Jamie Hatch; Scott Wendl; and Northern Ankeny Development LLC, where the elder Stanbrough is identified as a manager on loan papers that accompanied the suit.

According to the suit, Northern Ankeny Development obtained a $4.2 million loan from Valley Bank in January 2006. In December 2006, the Stanbroughs, Hatch and Wendl obtained a $300,000 note, which later was increased to $432,000.

The partners later personally guaranteed the loan to Northern Ankeny Development, the lawsuit said. In addition, three mortgages were issued using property in the North Prairie Bend development as security.

As of June 4, $3.4 million in principal and interest was past due on the loan to Northern Ankeny Development, and nearly $439,000 in principal and interest was owed on the note issued to the Stanbroughs, Hatch and Wendl.