Convert Primary Mortgage to DSCR on rental property?

[Chris Burke]

I have a rental property that used to be our primary residence. We used a HELOC on that property for a down payment and some renovations ($285k) on our now current primary residence.

Our rental property has a 2.99% rate and rent cash flows over $3k a month. We are paying almost $2k in interest only payments per month on the outstanding HELOC balance.

Is it possible or does it even make sense to get a DSCR loan on the rental property that will allow us to pay off the outstanding HELCO balance ($285K) and the remaining $390k mortgage? The rental property would appraise between $1.1 - $1.2 million.

Thank you in advance for any advice!