- 1 cup granulated sugar
- ¼ cup water
- 4 large eggs
- 1 (14-ounce) can sweetened condensed milk
- 1 (12-ounce) can evaporated milk
- 2 teaspoons pure vanilla extract
- 1 cup heavy cream, chilled
- Preheat oven to 300 degrees. Fill a kettle and bring it to a boil. Place a 9-by-5-inch loaf pan in the middle of a roasting pan.
- Make the caramel: In a saucepan that’s heavy-bottomed and light-colored (to better monitor the color of the caramel as it cooks), combine sugar and water. Over medium heat, simmer, swirling occasionally (never stirring), until deep amber in color, about 10 minutes. Watch it in the final minutes. It can burn easily. Carefully pour caramel into loaf pan and coat the bottom evenly.
- In a mixing bowl, combine eggs. Stir in 1 cup condensed milk, all the evaporated milk and vanilla, and stir gently to combine. Try not to create bubbles, as they’ll end up in your flan. Pour mixture through a fine-mesh strainer into loaf pan, on top of caramel.
- Place roasting pan on middle rack of oven. Carefully pour in boiling water from kettle so that it comes halfway up outside of loaf pan. Cover whole pan tightly with foil. Bake until the center of the flan jiggles ever so slightly, about 50 minutes, depending on your pan and oven. Carefully remove the loaf pan from the water bath, and let cool 30 minutes. Cover with plastic wrap and refrigerate at least 4 hours, preferably overnight.
- To unmold the flan, run a knife around its perimeter to loosen from pan, give it a jiggle, then invert onto a platter. Carefully lift pan and let caramel flow over flan.
- Before serving, make the condensed milk whipped cream: In a cold, preferably metal mixing bowl, whisk together cream and remaining ¼ cup condensed milk, until soft peaks form. To serve, slice flan and dollop on condensed-milk whipped cream.