If i have custom post type with 5 custom fields do i have to create a new loop to reference each one?

For all intents and purposes, you only need one loop. While s_ha_dum’s comment is correct, odds are since you’re asking this question, you won’t have a need for multiple loops.

<? get_header(); ?>
    <? if(have_posts()): while(have_posts()): the_post(); ?>

        <!--Your content here, like so-->
        <div id="content">
            <? the_field('body_content'); ?>
            <? the_field('footer_content'); ?>
        </div>

    <? endwhile; endif; ?>
<? get_footer(); ?>

This will suffice your needs. Of course you would just remove my loop contents and put your own in place. Just giving an example.

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