NPN Investing for Higher Interest and Lower Property Values

[Bryan O.]

As interest rates rise markets cool (some of them), though not necessarily the markets I am in. If we enter a new recession, this can impact the values fairly dramatically. On one hand, rising interest rates are good because that loan is more important for the borrower to get back into performing because a new loan later will be much more expensive for the same principal. On the other hand, if property values drop there is less incentive to pay something that isn't worth as much.

Are you doing anything different with the expectation of changes in the environment? Adjusting % of UPB you are willing to pay, etc.?