Company
Proptics builds deal review software for commercial real estate.
Proptics is a Korean startup founded in February 2024. Funded by investors in Korea since September 2024. Our first product, Model Desk, turns the first review of a deal into a calculation whose every number can be traced. It is built with Claude Code.
- Founded
- February 2024
- Field
- Commercial real estate
- What we make
- Deal review software
- First product
- Model Desk
Model Desk
A browser-based tool for the first review of a deal. It takes an asset class, a deal type and a set of core assumptions and calculates returns, debt coverage and sensitivity on a single screen. The result carries over into a live-formula Excel model and a review summary deck. It covers 7 asset classes and 3 deal types, 21 combinations in all. Calculation runs in the browser, and every figure shows the formula behind it.
Operating record
What has been built, and can be checked.
- Product releases
- 8 versions, Sep to Oct 2026
- Automated tests
- 1,079 passing
- Excel recalculation
- 488 cases, 0 mismatches
- Coverage
- 21 asset and deal combinations
Shipped fast, with Claude Code
Model Desk went from version 1.0 to 1.8 in under three weeks. The engine, the Excel export, the document import and the test suite were written with Claude Code, with a practitioner setting the rules and checking the numbers.
Built to run lean
Model Desk is a static web application. Calculation happens in the user's browser, so there is no calculation server to operate and deal inputs stay on the user's device. Operating cost does not rise with each calculation.
Verifiable by design
All 21 asset and deal combinations are reconciled against a separately written reference model, and every release passes the same published checks. An investor or a customer can rerun them.
The reference model was written in-house, so the reconciliation is not a third-party audit. Every release is listed with its changes in the release history, and you can try the product without signing up at proptics.kr/desk.html.
About
The first pass on a deal should not depend on one analyst's spreadsheet.
In commercial real estate, the first review of a deal is still done in a spreadsheet rebuilt for each transaction. The numbers are hard to check, and the reasoning behind them is lost when the file changes hands.
Model Desk replaces that first pass. A reviewer picks an asset class and a deal type, enters or imports the core assumptions, and sees returns, debt coverage and sensitivity at once. Each figure shows its formula, and the result exports to an Excel model with live formulas.
What we pursue
Three commitments guide the work.
Review that can be repeated
The same inputs give the same result on every desk, with the calculation rules written down and tested.
Numbers that can be traced
Every figure in our materials and tools shows its formula and its source. Where a basis is missing, we say so and do not fill the gap with a made-up value.
Global depth, Korean context
We connect international practice with Korean law, tax and market conventions, which are rarely taught together.
Building with Claude
How Claude is part of the company.
Built with Claude Code
The product is developed with Claude Code: the calculation engine, the document import, the Excel and deck exports, and the 1,079 automated tests that guard them.
AI review assistant, on Claude
Planned: Claude drafts the review memo and answers questions about a deal, quoting only numbers the engine has calculated. It runs only when the user turns it on.
Calculation itself stays deterministic. Claude explains and drafts. It does not produce the numbers.
Practice series
The reference behind the software.
Since September 2024 we have been writing down how commercial real estate deals are structured, calculated and reviewed in Korea. The series has four volumes, on development finance, asset management, property management, and acquisitions and dispositions, plus a companion on the numbers: accounting, tax and financial modeling.
The definitions in the books are the same ones applied in code in Model Desk. A reader can check a figure in the book against the tool, and a reviewer can trace a figure in the tool back to its definition.
Manuscripts are complete. Expert review and publication are in preparation.
Roadmap
Plan through 2027.
Public launch
Open Model Desk to early users on a company domain. Collect feedback from practitioners and fix what blocks real deal reviews.
AI review assistant on Claude
Claude drafts the review memo and answers questions about a deal, quoting only figures the engine has calculated. Off by default, on at the user's choice.
Lender review pack
A lender-side package with a year-by-year repayment table and interest rate and vacancy stress cases, exported as Excel and a deck.
Refinancing alternatives
Several sets of loan terms compared side by side on net proceeds and debt capacity.
Books and teams
Publish the practice series. Offer team workspaces for firms that review deals together, with shared assumptions and a review history.
This is a plan, not a commitment. The order follows what early users ask for.
History
Company history
Company founded and registered as a business in Korea.
Closed a first investment round from investors in Korea.
Began writing a practice series on commercial real estate, planned as four volumes: development finance, asset management, property management, and acquisitions and dispositions.
Completed the first full draft of Numbers of the Deal, a guide to accounting, tax and financial modeling for real estate transactions.
Brand renewed and company website rebuilt.
Manuscripts of all four practice volumes completed. Expert review and typesetting in preparation.
Model Desk version 1.0 completed, with calculation for 21 asset and deal combinations, a live-formula Excel model and a review summary deck.
Document import added, reading candidate values from offering memoranda, feasibility models and rent rolls. Product site opened in Korean and English. Eight releases in under four weeks.
Founder
Founder
John Kim, Founder. John holds a Master of Science in Real Estate Development (MSRED) from the Massachusetts Institute of Technology.
Contact
Talk to us.
We are looking for commercial real estate practitioners in Korea to try Model Desk on real deals and tell us what blocks them. For pilots, partnerships and investor questions, write to kim@proptics.kr.