Preheat oven to 180 degrees. Grease and flour a bundt pan.
Beat the butter, cheese and sugar till smooth. Add one egg at a time, and beat after each addition till combined.
Beat the vanilla extract in.
Sift together the dry ingredients till combined. Add half the mixture and beat. Add the remaining half and beat till the batter is all moist.
Pour into the prepared bundt pan and bake for 60 to 75 minutes, till skewer comes out clean.
Cool in pan for 10 minutes, flip onto a cooling rack to cool completely.
Meanwhile, for the caramel sauce, combine the sugar, water and salt and bring to boil. Keep swirling the pan for the sugar to mix. Keep cooking till the sugar caramelizes and becomes a nice amber color.
Pull off the flame and whisk in the cream. It may bubble but will slowly subside.
Keep back on the flame and cook on low flame till thickened. Add the vanilla and switch off. Allow to cool.
Pour over the cooled cake to cover the top.