Slow land sales at an Ankeny residential development have resulted in tit-for-tat lawsuits.

On Friday, Valley Bank filed a lawsuit against Northern Ankeny Development LLC and partners Daniel Stanbrough, Bradley Stanbrough, Jamie Hatch and Scott Wendl, claiming they had defaulted on $3.8 million in loans and seeking foreclosure on 40 lots at the North Prairie Bend residential development.

On Monday, the developers and the limited liability company countersued, claiming that Valley Bank and Rick Bratrud, a senior vice president, relied on inflated land appraisals to force a modification in loan and credit agreements.

The developers’ lawsuit claims an uninsured appraiser made a $700,000 miscalculation in determining the value of properties. The developers claim they could have sold lots at prices $5,000 lower than what the bank was demanding.

Valley Bank and Bratrud blocked the sale of three lots of a four-lot deal with a home builder. The fourth lot sold because the builder had prematurely constructed a basement on the property, according to the lawsuit.

In addition, the developers accuse the bank and Bratrud of concealing the inflated appraisal.

A top real estate agent told the developers he would no longer promote their lots to prospective buyers, according the lawsuit.

Among other things, the lawsuit accuses Valley Bank and Bratrud of fraud, negligent misrepresentation, breach of good faith and defamation.