diff --git a/Makefile b/Makefile
index e78b3179b1..61b94c5a6e 100644
--- a/Makefile
+++ b/Makefile
@@ -1276,10 +1276,21 @@ endif
 
 MKIMAGEFLAGS_u-boot-dtb.img = $(MKIMAGEFLAGS_u-boot.img)
 
-MKIMAGEFLAGS_u-boot.kwb = -n $(srctree)/$(CONFIG_SYS_KWD_CONFIG:"%"=%) \
+# Some boards have the kwbimage.cfg file written in advance, while some
+# other boards generate it on the fly during the build in the build tree.
+# Let's check if the file exists in the build tree first, otherwise we
+# fall back to use the one in the source tree.
+KWD_CONFIG_FILE = $(shell \
+	if [ -f $(objtree)/$(CONFIG_SYS_KWD_CONFIG:"%"=%) ]; then \
+		echo -n $(objtree)/$(CONFIG_SYS_KWD_CONFIG:"%"=%); \
+	else \
+		echo -n $(srctree)/$(CONFIG_SYS_KWD_CONFIG:"%"=%); \
+	fi)
+
+MKIMAGEFLAGS_u-boot.kwb = -n $(KWD_CONFIG_FILE) \
 	-T kwbimage -a $(CONFIG_SYS_TEXT_BASE) -e $(CONFIG_SYS_TEXT_BASE)
 
-MKIMAGEFLAGS_u-boot-spl.kwb = -n $(srctree)/$(CONFIG_SYS_KWD_CONFIG:"%"=%) \
+MKIMAGEFLAGS_u-boot-spl.kwb = -n $(KWD_CONFIG_FILE) \
 	-T kwbimage -a $(CONFIG_SYS_TEXT_BASE) -e $(CONFIG_SYS_TEXT_BASE) \
 	$(if $(KEYDIR),-k $(KEYDIR))
 
diff --git a/arch/arm/mach-mvebu/Makefile b/arch/arm/mach-mvebu/Makefile
index 8228a17972..b73952044d 100644
--- a/arch/arm/mach-mvebu/Makefile
+++ b/arch/arm/mach-mvebu/Makefile
@@ -58,10 +58,10 @@ KWB_REPLACE += SEC_FUSE_DUMP
 KWB_CFG_SEC_FUSE_DUMP = a38x
 endif
 
-$(src)/kwbimage.cfg: $(src)/kwbimage.cfg.in include/autoconf.mk \
+$(obj)/kwbimage.cfg: $(src)/kwbimage.cfg.in include/autoconf.mk \
 		include/config/auto.conf
 	$(Q)sed -ne '$(foreach V,$(KWB_REPLACE),s/^#@$(V)/$(V) $(KWB_CFG_$(V))/;)p' \
-	<$< >$(dir $<)$(@F)
+	<$< >$(dir $@)$(@F)
 
 endif # CONFIG_SPL_BUILD
 obj-y	+= gpio.o
diff --git a/board/Marvell/db-88f6281-bp/Makefile b/board/Marvell/db-88f6281-bp/Makefile
index e6aa7e39a0..003e9f66d1 100644
--- a/board/Marvell/db-88f6281-bp/Makefile
+++ b/board/Marvell/db-88f6281-bp/Makefile
@@ -4,9 +4,9 @@ obj-y	:= db-88f6281-bp.o
 extra-y := kwbimage.cfg
 
 quiet_cmd_sed = SED     $@
-      cmd_sed = sed $(SEDFLAGS_$(@F)) $< >$(dir $<)$(@F)
+      cmd_sed = sed $(SEDFLAGS_$(@F)) $< >$(dir $@)$(@F)
 
 SEDFLAGS_kwbimage.cfg = -e "s/^\#@BOOT_FROM.*/BOOT_FROM	$(if $(CONFIG_CMD_NAND),nand,spi)/"
-$(src)/kwbimage.cfg: $(src)/kwbimage.cfg.in include/autoconf.mk \
+$(obj)/kwbimage.cfg: $(src)/kwbimage.cfg.in include/autoconf.mk \
 		include/config/auto.conf
 	$(call if_changed,sed)
diff --git a/board/Marvell/db-xc3-24g4xg/Makefile b/board/Marvell/db-xc3-24g4xg/Makefile
index 4dd57902d4..24e8200007 100644
--- a/board/Marvell/db-xc3-24g4xg/Makefile
+++ b/board/Marvell/db-xc3-24g4xg/Makefile
@@ -6,9 +6,9 @@ obj-y	:= db-xc3-24g4xg.o
 extra-y	:= kwbimage.cfg
 
 quiet_cmd_sed = SED     $@
-      cmd_sed = sed $(SEDFLAGS_$(@F)) $< >$(dir $<)$(@F)
+      cmd_sed = sed $(SEDFLAGS_$(@F)) $< >$(dir $@)$(@F)
 
 SEDFLAGS_kwbimage.cfg =-e "s|^BINARY.*|BINARY $(srctree)/$(@D)/binary.0 0000005b 00000068|"
-$(src)/kwbimage.cfg: $(src)/kwbimage.cfg.in include/autoconf.mk \
+$(obj)/kwbimage.cfg: $(src)/kwbimage.cfg.in include/autoconf.mk \
 		include/config/auto.conf
 	  $(call if_changed,sed)
diff --git a/board/mikrotik/crs305-1g-4s/Makefile b/board/mikrotik/crs305-1g-4s/Makefile
index 895331beb8..c03f534e48 100644
--- a/board/mikrotik/crs305-1g-4s/Makefile
+++ b/board/mikrotik/crs305-1g-4s/Makefile
@@ -6,9 +6,9 @@ obj-y	:= crs305-1g-4s.o
 extra-y	:= kwbimage.cfg
 
 quiet_cmd_sed = SED     $@
-      cmd_sed = sed $(SEDFLAGS_$(@F)) $< >$(dir $<)$(@F)
+      cmd_sed = sed $(SEDFLAGS_$(@F)) $< >$(dir $@)$(@F)
 
 SEDFLAGS_kwbimage.cfg =-e "s|^BINARY.*|BINARY $(srctree)/$(@D)/binary.0 0000005b 00000068|"
-$(src)/kwbimage.cfg: $(src)/kwbimage.cfg.in include/autoconf.mk \
+$(obj)/kwbimage.cfg: $(src)/kwbimage.cfg.in include/autoconf.mk \
 		include/config/auto.conf
 	  $(call if_changed,sed)