Steps to make the cake:
Preheat your oven to 325 degrees.
Using a hand or stand mixer, begin creaming the butter and slowly add the sugar to the butter. Mix until light and fluffy (approximately 5 minutes).
Next, add the condensed milk and mix until combined.
Then, add the extracts and mix.
Then add the eggs one at a time, mixing until combined after each addition. Scrape down the sides of the bowl.
Next, combine the baking powder, salt, and flour. Then, add the flour mixture one cup at a time to the batter.
Spray your pan with baking spray.
Pour the batter into a 12-cup bundt pan and spread the top of the batter evenly. Bake the cake for approximately 1 hour and 15 minutes. (Insert a wooden toothpick into the center of the cake. The cake is done when the toothpick comes out clean.)
Allow the cake to cool for approximately 20 minutes before removing it from the pan to complete the cooling process.
To make the simple syrup:
Add the water and sugar to a small saucepan, whisk the ingredients together, and bring the mixture to a boil. Once the sugar has dissolved remove the syrup mixture from the heat.
Allow the syrup to cool, then apply it to your cake using a pastry brush or similar. (The syrup will have a watery consistency and will not be thick).
Allow the cake to dry and cool before serving. Store any remaining syrup in the refrigerator for three weeks.