diff --git a/makefile.shade b/makefile.shade
index d7cdcbb0fb..0412d44787 100644
--- a/makefile.shade
+++ b/makefile.shade
@@ -213,16 +213,29 @@ var buildTarget = "compile"
 #only-compile target='compile'
     @{
         var failed = new Dictionary<string, Exception>();
+        var skipped = new List<string>();
+        
         foreach(var repo in repos) 
         {
+            var blockName = string.Format("Building {0}", repo);
+            if (IsTeamCity)
+            {
+                Log.Info(string.Format("##teamcity[blockOpened name='{0}']", FormatForTeamCity(blockName)));
+            }
             try
             {
-                var blockName = string.Format("Building {0}", repo);
-                if (IsTeamCity)
-                {
-                    Log.Info(string.Format("##teamcity[blockOpened name='{0}']", FormatForTeamCity(blockName)));
-                }
                 Log.Info(blockName);
+                
+                if (SKIP_NO_CREDENTIALS)
+                {
+                    if (!Directory.Exists(repo))
+                    {
+                        // The directory was not cloned because the credentials were not specified so don't try to build it
+                        skipped.Add(repo);
+                        Log.Warn(string.Format("The repo {0} does not exist locally and it will not be built.", repo));
+                        continue;
+                    }
+                }
 
                 if (IsMono)
                 {
@@ -232,18 +245,21 @@ var buildTarget = "compile"
                 {
                     Exec("build.cmd", buildTarget, repo);
                 }
+                
                 Log.Info(string.Format("Build {0} succeeded", repo));
-
-                if (IsTeamCity)
-                {
-                    Log.Info(string.Format("##teamcity[blockClosed name='{0}']", FormatForTeamCity(blockName)));
-                }
             }
             catch(Exception ex)
             {
                 Log.Warn(string.Format("Build {0} failed: {1}", repo, ex.Message));
                 failed[repo] = ex;
             }
+            finally 
+            {
+                if (IsTeamCity)
+                {
+                    Log.Info(string.Format("##teamcity[blockClosed name='{0}']", FormatForTeamCity(blockName)));
+                }
+            }
         }
 
         foreach(var repo in repos)
@@ -260,6 +276,10 @@ var buildTarget = "compile"
                 }
 
             }
+            else if (skipped.Contains(repo))
+            {
+                Log.Warn(string.Format("Build {0} skipped", repo));
+            }
             else
             {
                 Log.Info(string.Format("Build {0} succeeded", repo));