In a mixing bowl, combine warm milk, yeast, and 1 tbsp of the condensed milk. Let it sit for 5–10 minutes until frothy.
Add the remaining condensed milk, egg, softened butter, and salt. Mix well.
Gradually add the flour and knead into a smooth dough. Cover and let it rise for 1 hour or until doubled in size.
Punch down the dough, shape it into a loaf, and place in a greased loaf pan. Let it rise again for 30–40 minutes.
Preheat oven to 350°F (175°C). Bake for 25–30 minutes until golden brown.
Brush with extra condensed milk while warm, if desired.