Preheat your oven to 325°F (165°C) and prepare a your bundt pan by spraying it generously with non-stick baking spray. This ensures the cake will slide right out once it’s done!
In a mixer, combine the unsalted butter, neutral oil, and cream cheese. Whip on high speed for 2 minutes, until the mixture becomes airy and velvety.
Once smooth, gradually add the granulated sugar and continue mixing on high for about 6 minutes, until the mixture turns a pale yellow and becomes airy.
Then, incorporate the eggs individually, ensuring each one is thoroughly blended before adding the next.
Scrape down the sides of the bowl to ensure everything is fully incorporated and smooth.
Turn your mixer down to its lowest speed, then add the sifted cake flour in two parts.
Once it’s all combined, add the salt, key lime zest, and key lime juice, mixing gently. Be careful not to over-mix; we want the batter light and tender.
Add the vanilla extract and mix it in, then scrape the sides of the bowl one more time.
Transfer the batter into your greased bundt pan, smoothing it out to create an even layer. Bake for 1 hour and 10 to 1 hour and 20 minutes, or until a toothpick inserted into the center comes out clean.
Let the cake cool in the pan for 10 minutes, then turn it out onto a plate and allow it to cool completely.
While the cake cools, whisk together the cream cheese, powdered sugar, milk, key lime juice, and vanilla extract in a bowl until smooth and creamy. If the glaze is too thick, add a little more milk; if it’s too thin, add a bit more powdered sugar.
Once the cake has fully cooled, drizzle the glaze over the top, letting it flow down the sides for a beautiful finish.