Preheat your oven to 350°F (175°C). Grease and flour a loaf pan.
In a mixing bowl, cream together the butter and cream cheese until smooth. Add the sugar and beat until fluffy. Add the eggs one at a time, mixing well after each addition.
In another bowl, combine the flour, baking powder, and salt. Gradually add the dry ingredients to the wet mixture, alternating with the milk and vanilla extract. Mix until just combined.
Pour the batter into the prepared loaf pan and smooth the top. Bake for 60 minutes or until a toothpick inserted into the center comes out clean.
While the cake is baking, prepare the cream cheese glaze by mixing the softened cream cheese, powdered sugar, milk, and vanilla extract until smooth.
Once the cake is cool, drizzle the glaze over the top. Slice and serve.
Notes
You can adjust the amount of milk in the glaze to achieve your desired consistency.