Grease a 9" round cake pan, then line the bottom and sides with greased parchment paper. Make the sides higher than the cake pan.
In a small saucepan, add in sugar and heat at medium heat till the sugar begins to melt. As soon as the melted sugar has turned golden yellow, turn the heat to right low or remove from the heat if using an electric stove.
Continue heating till the sugar turns golden brown and turn the heat off. Allow the caramel cool for 30 seconds. then add one tbsp of water at a time, the hot sugar will spit and splatter.
Continue adding water one tablespoon at a time till it stops sizzling, then pour in the rest of water. Turn the heat on, stir and scrape the side to release any un-melted sugar.
Remove from heat and turn heat off . Add in the Crisco and stir till melted. Allow to cool. Put flour in a large mixing bowl and pour in about 1/2 the caramel, beat with a electric beater till smooth, continue adding the rest of the caramel. Beat on medium speed until bubbles are visible, then let the mixture stand for about 10 - 15 minutes.
In another large bowl, whisk eggs and condensed milk until foamy with a lot of bubbles. Beat the egg mixture into the caramel flour batter , lastly sieve in the baking soda and mix till well combined. Pour into the the prepared cake pan. Leave it to stand in the cold oven for about 30 - 40 minutes.
Turn the oven to 300f and bake the cake from cold for 1 hour or till it is cooked. Check for doneness - cake is done when a skewer comes out clean and the center feels firm to the touch.