Preheat oven to 350°F. Grease and line two 8-inch round cake pans with parchment paper. Set aside. Add cake ingredients to a large bowl, mix with an electric mixer on low speed until combined. Turn up to medium high and beat for 2 minutes. Pour batter into prepared pans.
Bake for 25–30 minutes or until a toothpick inserted in the center comes out clean. Carefully remove the hot cakes from the pans - they should release easily by inverting onto a cooling rack. Once cooled, cut each cake horizontally into two layers so that you will have four layers total.
For the filling, stir together the sweetened condensed milk and ½ cup lime juice in a small bowl until fully combined. Set aside half of this mixture. In a large bowl, beat the whipping cream until stiff peaks form. Reserve 1¼ cups of the whipped cream for decorating, then fold the remaining half of the condensed milk mixture into the rest of the whipped cream to make the filling.
To assemble the cake, place one layer cut side up on a serving plate. Spread one-third of the reserved condensed milk mixture over the cake, followed by one-third of the whipped cream filling. Repeat this process with the second and third layers, then finish with the final cake layer on top. Transfer the reserved whipped cream to a piping bag fitted with a 1M tip and pipe a decorative border around the edges, adding about eight dollops on top. Refrigerate for at least 2 hours before serving. Garnish with lime triangles. Makes about 12 servings. Store leftovers covered in the refrigerator for up to 3 days. Cake is best enjoyed at room temperature.
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Notes
This cake makes about 12 servings. Store leftovers covered in the refrigerator for up to 3 days. The lime flavor intensifies after chilling overnight, making it even more delicious the next day.