Loading 3d models at runtime in Unity3d

When building a dynamic application, every now and then you might need to load some 3d models at runtime. Either because there's a database with models you want to use or just because you want someone to update the models without rebuilding the project. I actually had this situation a few weeks ago. Surprisingly, this option does not come with Unity out of the box. This post is an addition to the

[m-e-omoteyama]

OBJ Dynamic loading