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Pour sweetened condensed milk into a large bowl. Add vanilla extract, mix well.
Pour the heavy cream into a separate mixing bowl or the bowl of a stand mixer. On medium-high speed, whip the cream until it holds stiff peaks (3 minutes – less if you’re using a stand mixer).
Scoop one large spoonful of the whipped cream and mix it gently into the sweetened condensed milk mixture. Add the rest of the whipped cream and fold it in until it is smooth and silky. A few small lumps may remain. It’s important not to over mix as that will deflate the mixture.
Spread into a 8 or 9-inch loaf pan. Freeze for one hour, take out of the freezer. Stir to mix in frozen portions. Put spoonfuls of room temperature hot fudge on top, and then gently swirl in hot fudge, using a table knife.. Don’t over mix, you want to see swirls of hot fudge.
Freeze for at least 6 hours or until firm (I cover with foil to prevent freezer burn).