This represents the biggest monthly lending figure since October 2009 and a significant jump on last month's holiday season hit figures - 2014 lending levels are currently £110,000,000 above the same time last year.
Year-to-date figures continue to run 31% up on 2013, and the current years figures now look set to surpass 2009 figures for the first time since the onset of the credit crunch, the report goes on to note.
September's lending sees the incredible record of monthly year on year growth continue for the 34th consecutive month.
Matt Tristram, Co-Founder & Director of Loans Warehouse & Clearly Loans comments:
"Despite the record breaking lending volumes seen in September, there is only one story dominating the secured loan industry this month and that is the launch of the new secured loan range from Paragon Personal Finance. This isn't just a new lender, this is a significant addition to the secured loan sector.
"It's been 5 long years since we last paid out business with PPF and the industry is celebrating the return, albeit as part of Paragon Bank now. This will inevitably mean that their rates will be competitive, as they utilise investors money. This combined with the fact that they have retained their core staff from 2009, along with their knowledge of the market should mean that Paragon will start where they left off, with headline rates and great service."
The new plans released by Paragon Personal Finance have a headline rate of 5.436% on loans up to £100,000, putting them firmly in the mix with Precise, Shawbrook Bank, Nemo and Prestige for prime rate second charges.
One of the many factors the Secured Loan Index credits with adding to this month's ground-breaking lending figures is the continual criteria improvements being made by lenders throughout 2014. Two lenders who report having seen this more than others are Evolution Money & Norton Home Loans who both submitted record breaking lending figures for September 2014.
NHL's new product range was highlighted in recent months in the Secured Loan Index, and on the back of record figures Paul Stringer, Loans & Mortgages Director at NHL said:
"Norton Home Loans had a record completion month in September thanks to tremendous support from our introducing brokers. Our valued partners recognise the excellent service level and certainty of completion provided by Norton will contribute to the speed of payout customers expect.
"Finding not only a lender with competitive rates but also with a high certainty of completion is essential when choosing the best lender for the customers circumstances. The ever more attractive products Norton and other lenders in the industry offer will mean there will be an increasing number of customers who will benefit from a secured loan rather than a remortgage"
Another lender celebrating a milestone was Evolution Money.
Mat Beaver, Managing Director, said:
"Evolution Money are thrilled to have achieved in excess of £2 million of funded loans in September - a record month for us! Through the ongoing training and development of our teams, we are proud of our professional and ethical approach, and always putting customers first in a specialist sector of the market."
The report predicts these record-breaking figures are set to continue. With the impact of the launch of Optimum Credit starting to be seen and now the launch of Paragon Personal Finance to the second charge market, the last quarter promises to be one of the most successful since 2008 and lending figures for the year are set to surpass 2009 for the first time.
