Multiple Loans | Outstanding full-time employer 401k Loan

BACKGROUND: My wife and I are interested in opening a solo 401K retirement fund. We recently started operating a home based travel agency. While we don't expect the agency to produce any meaningful income for at least a year (started two months ago) we do have special circumstances that make the solo 401K attractive.

Here is a synopsis of our situation:

I am 66 years old.

Currently employed at American Express.

Have a 401K with $ 250K balance as of 3/31/13

Have two 401K loans current balance $24K

Have another retirement savings account at Amex with $53K balance.

I am fully vested on both accounts.

My wife is 49 years old

Employed at an office furniture manufacturer

Has insignificant simple IRA with a balance of $75.00

My position at Amex will be eliminated on 7/12/13

My severance will run thru April 2014 at full salary.

The separation documentation offers a choice to keep paying the 401K loans without rolling it over.

My plan calls for rolling it over into a self-directed solo 401K under the travel agency

I plan to invest in dividend yielding stocks.

I also have around $30K credit card debt that I would like to pay off.

Here is my plan:

Roll over retirement account with $53K balance into the new solo 401K

Take out loan for $24K to pay off the Amex 401K loans 

Roll over the other Amex 401K into the solo 401K

Take out another loan for 26K to reduce the credit card balances.

Start investing in dividend paying stocks with the remaining $250K.

QUESTION 1: Is this plan feasible? Do you see any problems with it? Can the new solo 401k allow multipleloans to be open at the same time, like my current Amex 401K allows? (within IRS limitations as to total balance outstanding during last 12 months.)

ANSWER: Yes our solo 401k plan allows for multiple solo 401k loans provided the statutory limit is not exceeded, which is 50% of the solo 401k value not to exceed $50,000, which applies in aggregate to all solo 401k loans.

QUESTION 2: I assume those IRS limitations are calculated separately since the new solo 401K is not an Amex plan not related to Amex. Is this correct?

ANSWER: Yes the solo 401k loan limits are calculated separately from your full-time job because the solo 401k would be adopted by your self-employed business, which is not connected to Amex (i.e., it is not a division or in the same line of business).

Please reply all. I am copying my work email so I can see your response at work also.

BTW, I like your price structure and will probably use your services to set up the solo 401K. I am in it long range, so I will be taking the $595 set up option.  

Thanks,

IB in Florida