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. The cake is done when the toothpick comes out clean/with moist crumbs.
Allow the cake to cool for approximately 10 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.