  Black-hole binary coalescences are one of the most promising sources for the
first detection of gravitational waves. Fast and accurate theoretical models of
the gravitational radiation emitted from these coalescences are highly
important for the detection and extraction of physical parameters. Spinning
effective-one-body (EOB) models for binaries with aligned spins have been shown
to be highly faithful, but are slow to generate and thus have not yet been used
for parameter estimation studies. I provide a frequency-domain singular value
decomposition (SVD)-based surrogate reduced order model that is thousands of
times faster for typical system masses and has a faithfulness mismatch of
better than $\sim 0.1\%$ with the original SEOBNRv1 model for advanced LIGO
detectors. This model enables parameter estimation studies up to
signal-to-noise ratios (SNRs) of 20 and even up to SNR 50 for total masses
below $50 M_\odot$. This article discusses various choices for approximations
and interpolation over the parameter space that can be made for reduced order
models of spinning compact binaries, provides a detailed discussion of errors
arising in the construction and assesses the fidelity of such models.
