Preheat oven to 350°F.
Beat the butter and cream on low for about 3 minutes until light and fluffy.
Meanwhile, whisk together the almond flour, coconut flour, baking powder, xanthan gum and salt.
Once the butter and cream is light and fluffy, continue beating the mixture and slowly add in the granulated sweetener.
When the sugar is dissolved, beat in the eggs and vanilla.
Gently whisk in the flour mixture and softened cream cheese until combined.
Finally, gently fold in 1/2 cup of the colored coconut flakes.
Scoop the mixture into a prepared loaf pan. Level and smooth out the mixture.
Bake in the oven for 50-60 minutes. Insert a toothpick into the center of the cake to see if it's done. If the toothpick comes out with a few moist crumbs, it is done cooking.
Check the cake after 30-40 minutes. If it is browning too quickly, cover loosely with aluminum foil.
Cool the loaf in the pan for about 15 minutes. Afterwards, gently lift the cake out from the pan and allow to cool completely on a cooling rack.