The reason commerical lenders prefer corps/LLCs whose only asset is the real estate, at least since 2005, is the lenders have a lot more advantages in Bankruptcy Court when single asset entities go chapter 11.
The legal departments of the commercial lenders who prepare the loan docs are well aware of CA guarantee law as it has existed for the last 60 years, and when the loan docs are presented, they almost always include personal guarantees for the principals to sign. I have seen this happen time and time again since the late eighties.
