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In a large saucepan over medium heat, add the sweetened condensed milk, butter, brown sugar, corn syrup, heavy whipping cream, and salt. Stir with a rubber spatula constantly until the mixture is fully combined and begins to bubble, about 5 minutes.
Turn the heat to medium-low and continue stirring until the caramel begins to thicken, 6-7 minutes. If you have a candy thermometer, you’ll want to cook this until it reaches 225F/107C. That is the temperature that will thicken the caramel while keeping it nice and soft at room temperature.
Remove the caramel from the heat and mix in the vanilla extract.
Pour into a separate container and let the caramel cool completely to room temperature before using it to fill the cake. You can either leave the container on the counter for about 2 hours or speed the cooling process slightly by placing the container in the refrigerator. It will thicken significantly as it cools.