Line muffin pan with cupcake liners.
In a large bowl, combine flour, baking powder, and salt.
In a medium bowl, beat butter, sugar, and eggs with an electric mixer until combined.
Beginning and ending with flour mixture, add flour mixture in thirds and ½ of sweetened condensed milk in between (⅓ flour mixture, ½ condensed milk, ⅓ flour mixture, ½ condensed milk and ⅓ flour mixture) to egg mixture. Beat at low speed with every addition.
Add quick-melt cheese and stir to combine.
Using a scoop or spoon, fill each muffin hole up to ¾ full. Top with cheddar cheese.
Bake in a 350 F oven for about 20 to 25 minutes or until a toothpick inserted comes out clean and top is golden. Remove from oven and allow to cool.