In the bowl of a stand mixer fitted with the whisk attachment, whip the heavy whipping cream and vanilla extract until stiff. Transfer to a bowl and set aside.
In the same bowl of the stand mixer (this time fitted with the paddle attachment), beat the cream cheese at medium speed until smooth. Slowly add the sweetened condensed milk and beat again until smooth. Add the whipped cream and mix until combined.
Store in the refrigerator for up to three days. Before serving, garnish with freshly whipped cream and a half of a lime slice.