What are the advantages or disadvantages for both parties under either scenario?

Imagine that you want to obtain a loan from a bank for a business that you operate through a corporation. The bank wants assurances that the loan will be repaid. It gives you a choice that either the bank will advance the loan funds to the corporation and the bank will obtain from the corporation a mortgage registered against land owned by the corporation, or the bank will advance the loan funds to the corporation and the bank will require you to give the bank a personal guarantee of the loan.