Prepare a bundt cake pan with baking spray and preheat oven to 325 F (170 C).
In a large bowl, hand whisk together sifted cake flour, salt and baking soda. Set aside.
Combine sugar and butter in the bowl of a stand mixer fitted with paddle attachment. Beat on medium high speed until combined into a light and fluffy consistency.
Add coconut oil and mix on medium until incorporated. Scrape sides and bottom of bowl with rubber spatula once to make sure all ingredients are mixed in.
Continue on medium speed, adding one egg at a time. Make sure each egg is blended before adding the next.
Next, slowly pour milk and spoon in flour mixture alternating between the two while mixing on medium low speed.
Scrape sides and bottom of mixing bowl once.
On medium low speed pour in Key Lime Rum Cream and add lime zest. Mix until just incorporated.
Batter should be light and fluffy.
Spoon into prepared bundt pan leaving about 1 ¼ inches below the rim for cake to rise. (If you have extra batter, make a few cupcakes!)
Place bundt pan on a cookie sheet and bake on middle rack for 75-80 minutes or until toothpick inserted comes out with just crumbs.
Place cake pan on cooling rack to completely cool before inverting onto serving dish.
While cake is cooling make key lime icing.